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In Akerlof’s lemons problem, with symmetric information, suppose that 5 cars are available in equal quantity and with quality levels 0, 1, 2, 3, and 4. Suppose the sellers have a reservation price of $2,000 per unit of quality, and the buyers value cars at $3,000 per unit of quality. There is more buyers than sellers, and all agents have no information about car quality. Will a market exist in this case? Is there an equilibrium price? Explain.
q1. suppose that ike is loss averse. in the morning ikes stockbroker calls to tell him that he has gained 1000 on his
Consider two countries (Home and Foreign) that produce goods 1 (with labor and capital) and 2 (with labor and land) according to the production functions described in problems 2 and 3. Initially, both countries have the same supply of labor (100 unit..
Suppose the price level reflects the number of dollars needed to buy a basket of goods containing one cup of coffee, one donut, and one newspaper. In year one, the basket costs $8.00.
Supply curve is given by L = 20w. What equilibrium wage rate and quantity is of labour hired. What is economic rent earned by workers.
Describe the industry and explain the general pattern of change of the particular market model.
Why would equal-sized falls in aggregate output due to a fall in aggregate demand have different effects on magnitude and duration of unemployment in se two economies.
Doing the work on paper and then writing the answers in Excel does not count as work and will earn zero points for this part of the assignment.
What would peso/dollar exchange rate be if purchasing power parity holds. If a monetary expansion caused all prices in Mexico to double.
q1. in a perfectly competitive firm when you have a table which gives quantity cost total costs explain how can you
The marginal utility of a pizza is 20 utils, and its price is $2. If you buy one unit of each good, will you achieve consumer equilibrium? If not, how can greater total utility be obtained?
Explain WHY profits are maximized or losses minimized at the level of output where marginal revenue equals marginal cost.
Summarize the controversy over the value of the Chinese yuan in foreign currency markets. Is China still using central bank foreign exchange policy to maintain the value of the yuan? What is the current policy of the United States on this issue?
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