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Ban Consultants
A firm and its supplier are going to negotiate a deal every quarter. Since the supplier's cost is $10 million per quarter and the value to the firm is $14 million per quarter, there is $4 million per quarter to split between the two. However, they can hire a negotiation consultant for a quarter for $500,000. If neither hires the consultant, each expects to get half of the $4 million pot. If only one hires the consultant, it expects to get three-fourths of the pot minus the consultant costs. If they both hire consultants, they cancel each other out and they expect to get half the pot minus the consulting costs. They expect to repeat this process every quarter for the foreseeable future. Can they agree to ban the consultants?
Jim’s utility function is U(x, y) = xy. Jerry’s utility function is U(x, y) = 1, 000xy + 2, 000. Tammy’s utility function is U(x, y) = xy(1 − xy). Oral’s utility function is U(x, y) = −1/(10+ 2xy). Who has the same preferences as Jim? Who has the sam..
You just won a contest and have been appointed State of CT Tax Commissioner. Your primary goal is two fold: raise revenue and make the tax code more efficient. You have to decide which goods to tax, which goods to raise taxes on and which good to low..
Consider the model of Gaynor & Town (2012) in which hospitals choose quality with a fixed price. Recall that the model begins with a demand specification, qj = sj (zj , z\j ) × D(¯p, zj , z\j ), where the hospital’s market share sj is a function of i..
Suppose a firm employs capital (K) and labor (L) to produce a product with the following production function: Q = min(K, L), where Q is the quantity produced and min(K, L) is the minimum (i.e., smallest) value of K or L. For example, if K = 20 and L ..
The U.S. has historically low interest rates at present. How would you predict these would impact the value of the dollar on foreign exchange markets? How, in turn, would these low interest rates impact our balance of trade?
Teapot Dome was a successful government project to displayed Harding administration's policy of a laissez faire government. Elucidate
Which of the following statements are true about inflation?
find marginal cost of last unit produced. What is firms percentage mark-up of price over marginal cost.
The unemployment rate in November 2011 came down to 8.6% from 9.0% in the previous month. What could have been a possible reason for the decrease in the unemployment rate even when many new jobs were not created in the economy at that time?
Bob is awake for 15 hours a day and divides that time between hours of exercise, x, and hours of study, s. Bob’s preferences are represented by the following utility function. What is Bob's time "budget constraint"? What is Bob's marginal utility of ..
On the same day, the San Francisco Chronicle had an article with the headline "Sharp Drop in Bay Area Home Sales"
Draw the isoquants for coffee production. Write down a mathematical expression for the production function for coffee.
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