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A firm has a fixed sum of money B to allocate in bonus payments between two managers. Each manager appreciates receiving the bonus but resents that the other manager receives a bonus as well. Let the preferences of the two managers be given by UG = bG -c·bj and UJ = bJ -c·bG.
a) Describe the Pareto-efficient allocations when c = 0
b) Is there a Pareto-efficient allocation when 0 < c < 1? If so, describe the Pareto-efficient allocations.
c) Is there a Pareto-efficient allocation if c = 1? Is there a Pareto-efficient allocation?
d) Is there a Pareto-efficient allocation if c > 1? Is there a Pareto-efficient allocation
Suppose that an economy’s production function is cobb-douglass with CRS(Y=AK^α * L^1-α ) and α=.3. What fractions of income do capital and labor receive? Suppose that the capital stock decreases by 15 percent. How much does output increase or decreas..
Also during first year, cookie business made monetary outlays of $9,000. You may assume that re is no opportunity cost to Zach's time. What is economic profit and accounting profit.
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Under the household production model, the full cost of any activity equals:
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Add a relative demand schedule to your diagram that implies that Malaysia is incompletely specialized.
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If it is the government's desire to raise quite a bit of tax revenue, why should it tax a product like gasoline or cigarettes instead of a product like yachts?
Assume LEASE payments are made at the END of the month, (first payment due end of 1st month). What is your monthly LEASE payment?
List and explain at least 3 types of trade barriers. How do trade barriers impede the free flow of goods and services among nations? Provide three arguments in favor of free trade, and three arguments in favor of protectionism.
Two of the most important concepts we’ve talked about in class are the technical rate of substitution between two inputs and the ratio of the price of those inputs. Explain, briefly, what each of these concepts represent in terms of tradeoffs, and wh..
Explain meaning of value added and its importance in income approach. Consider following data for selling price at each stage in production of a 5 pound bag of flour sold by your local grocer.
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