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Waiting in line. Two hundred people are willing to wait in line to see a movie at a theater whose capacity is one hundred. Denote person i’s valuation of the movie in excess of the price of admission, expressed in terms of the amount of time she is willing to wait, by vi . That is, person i’s payoff if she waits to ti units of time is vi −ti . Each person attaches no value to a second ticket, and cannot buy tickets for other people. Assume v1 > v2 > · · · > v200. Each person chooses an arrival time. If several people arrive at the same time, then their order in line is determined by their index with lower numbered people going first. If a person arrives to find 100 or more people in line, her payoff is zero. Model the situation as a variant of a discriminatory multi-unit auction, in which each person submits a bid for only one unit, and find its Nash equilibrium.1 (a) What would a supply and demand analysis suggest? (b) Will at least 100 people wait in line? (c) Will the highest value people wait in line? I.e., will anyone with an index greater than 100 see the movie? (d) Will people choose to wait different amounts of time? (e) Will anyone that sees the movie wait more than v100? (f) Will anyone that sees the movie wait less than v101?
The graph shown demonstrates a tax on sellers. Which of the following can be said about the effect of this tax?
A firm purchased some equipment at a very favourable price of $30,000. The equipment reduced costs by $1000 per year during 8 years of use. After 8 years, the equipment was sold for $40,000. Assuming interest at 9%, did the equipment purchase prove t..
Explain the relationships between the Prime Rate, the Discount Rate, the Fed Funds Rate, and the Treasury Bill Rate. Explain how each relates to monetary policy.
Consider two firms facing the demand curve P = 50 - 5Q where Q = Q1 +Q2 . The rms cost functions are C1 (Q1 ) = 20 + 10Q1 and C2 (Q2 ) = 10 + 12Q2. If they collude, how much will each firm produce? What would be each firm's profit?
George and Ellen operate a business and make a profit. Is this good or bad? Would it have been better if they had made a loss? Explain. How do people earn income? If you purse a career and become incredibly rich, have you done so at the expense of ot..
Describe the social and economic repercussion of the following inventions: the typewriter, the jet airplane, television, penicillin. Which do you think is greater in each case - the social or the economic impact?
Consider a diagram containing isocost curves for the production of a given level of a final commodity in the household production model. Assume that purchased inputs are represented on the vertical axis while the time input is measured on the horizon..
Paula has set aside $60 monthly budget to attend plays and watch movies. She likes plays exactly three time as much as she likes movies. Draw her indifference curves.
Depreciable residential rental real property has been purchased for $70,000 and put into service during the third month of the taxpayer's tax year. For the applicable 27.5 year depreciation life. How many months of depreciation should be generated fo..
A company can earn 6% on their investments. How much should the company invest today to be able to fund two $2,500 projects each year for the next 10 years?
The case for the Federal Reserve independence includes the idea that
Illustrate what are the consumer surplus, producer surplus and the social welfare in the market.
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