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First Price Auction Sample Homework
Question: An (honest) stamp collector is considering selling one of her prize stamps. Based on some very insightful market research she knows that there are two bidders and each bidder just wants to add the stamp to their own private collection and is not worried about resale value. Depending on their mood the day of the auction each bidder is equally likely to value the stamp at $10, $20 or $30. (The realized values are not correlated across the two bidders, i.e. they are independent, private values. Also assume everyone, including the seller, is risk neutral and if there is a tie we can flip a coin to determine the winner.)
Draw and explain the parts of a PPC. Draw a PPC for country Nambi and assume that the economy produces only computers and automobiles. Suppose now that there is a new technological breakthrough in the production of computers.
An increase in government spending or An equal decrease in taxes if consumer confidence is lower than the previous month.
Draw the decision tree for this problem without the probability values
Does this production function display increasing, constant or decreasing returns to scale and find the corresponding minimum cost function assuming that w 1 and w 2 are given.
How important were price considerations in making your college decision? Would a change of a few thousand dollars have mattered?
The bar discovers that the customers for this promotion are not its usual clientele. Instead, the customers tend be politicians who consume an amazing amount of liquor.
Describe planning or operating decisions for your new or existing good or service based on the economy's stage in the business cycle and other economic conditions.
Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market.Hourly Wage Hours per week
A staff member proposes raising the payroll tax paid by firms and using part of the extra revenues to reduce the payroll tax paid by workers.
What happens to equilibrium output and the equilibrium interest rate in the short-run, and equilibrium output and theequilibrium price level in the long-run.
Apple, determine how market commonality and resource similarity impact Apple's competitive standing in terms of its main rivals. Provide specific examples to support your response. Determine what additional steps Apple's competitors are likely to t..
Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, explain how a change in minimum wage affects the employment of unskilled labor?
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