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1. In the analysis of an exchange between two people, suppose both people have identical preferences. Will the contract curve be a straight line? Explain. Can you think of a counterexample?
2. Give an example of conditions when the production possibilities frontier might not be concave.
a. A monopsonist buys labor for less than the competi- tive wage. What type of inefficiency will this use of monopsony power cause? How would your answerWhich country has a comparative advantage in the production of each good? Explain.
b. Determine the production possibilities curve for each country, both graphically and algebraically. (Label the pretrade production point PT and the post-trade point P.)
c. Given that 36 pounds of cheese and 9 bottles of wine are traded, label the post-trade consumption point C.
d. Prove that both countries have gained from trade.
e. What is the slope of the price line at which trade occurs?
the industry demand function for bulk plastic is represented by the following equationp 800 - 20qwhere q represents
Choosing a Reference Organization
In the 1970s in U.S. cities, air emissions were governed almost completely by prescriptive regulations. One of the problems faced by regulations in large urban areas with air quality well below desirable levels was how to let new polluters into the c..
Consider a public utility providing water service as a natural monopoly to residents of a city. The market (as defined by the city's boundaries) contains 100,000 identical customers, each of which has a demand function q(p) = 0.2875-80,000 whe..
Suppose the government is considering funding a road constructionproject, and must borrow to do so.When performing a cost-bene?tanalysis of this project, what discount rate should the governmentuse?Suppose that this project is expected to have large ..
How much effort do the students exert in the Nash equilibrium of the game introduced by Amalia and what value for the cake induces the students to exert the efficient effort level
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
If you run a simple regression scorei on voucheri using a random sample of size n, does the OLS estimator provide an unbiased estimator of the effect of the voucher program?
draw an aggregate production function with typical shape and label it f. make sure to label the axis of the graph. now
ABC is monopoly seller of aluminum in United States and sells no aluminum on world market. It sells aluminum domestically for $2500 per ton and its average expense is $2200 per ton.
Explain how the exchange rate impacts the value of currency (in the economy). Compare and contrast using the U.S. dollar and the euro. Describe how socio cultural differences can become barriers to international trade and how these differences can be..
a software producer has fixed costs of 20000 per month and her total variable costs tvc as a function of output q are
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