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Consider the following situation: There are N > 2 players competing for a chance to win benefits from the government of R. The rent is given to the highest bidder. The second-highest bidder gets nothing but must also spend the amount he bids. What is the likely outcome of such a situation? Where will the process stop? Is it possible that the first- and second-highest bidder could together bid more than the value of the rent? Could each of them spend more than the value of the rent? Why or why not?
Finally, suppose for part c only that you now have the additional information that the marginal cost to Magee's of making one transparent pie is $2 (and is constant). Magee's currently charges $5 for each transparent pie.
Consider a scenario where a college conference (such as the SEC, Big Ten, Big 12, etc.) negotiates the television broadcast rights for all of its teams' games. a. What would be the impact on the number of games televised.
What happens to her incentives to work? Is it possible that imposing the tax actually will reduce the tax revenues the government receives from the rich?
A contractor has been chosen to perform a government project. To avert the moral-hazard risk that the contractor will behave inefficiently, government is considering how to use contractual incentives to avoid cost overruns. Government has a target..
Your firm produces clay pots entirely by hand even though a pottery machine exists that can make clay pots faster than a human. Workers cost $80 per day and each additional worker can produce 20 more pots per day
Use a graph to show that the entry of store-brand lightbulbs decreased the profit-maximizing price of General Electric lightbulbs from $3.50 to $2.00. (Related to Application 1 on page 561.)
Below are hypothetical data for the economy in a particular year. There is no statistical discrepancy. Export 179Capital consumption allowances 79 Government current purchases of G & S 134 Indirect taxes (less subsidies) 76
What do you think the advisors replied? Why would they suggest increasing prices? Give all possible reasons
First we have to determine the general inflation rate over the project period, then we need to convert the cash flows into actual dollars into equivelant constant dollars with year zero as the base year. Then if the annual inflation free interest ..
There are two invididuals. The first (individual A) has the utility function \(u^{a} = x_{1}^{2} + x_{2}^{2}\) , x>=0, and endowment (1,2). The second (individual B) has utility function \(u_{b} = x_{1} + ax_{2}\) , a>0, x>=0, and..
Why might the British government's critics have thought it possible to lower interest rates after taking sterling out of the ERM? (Britain was in a deep recession at the time the article appeared.)
How did socially institutionalized racism contribute to the creation of the Jim Crow laws and the perpetuation of discrimination? What is meant by the legacy of racism? Do we still see the legacy of racism and slavery in our society, Include issue..
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