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In the Lange model, firms are inn by state-appointed managers called Red directors, not private owners. They are supposed to follow the rule of producing until marginal cost equals price, rather than maximizing profits. Does this cause "moral hazard"? Are the dangers the same as those of other kinds of state administration? Compare.
If income elasticity of demand of good X is 0.89, what will happen to equilibrium price if there is an increase in income of consumers. Draw a diagram to support your answer.
Evaluate each question, explaining in 2 sentences per question why each of these questions is problematic. In the course of criticizing each question, demonstrate your knowledge of several key features of Chinese religious culture. Be sure to give..
Suppose nominal GDP in 2005 was $15 trillion, and in 2006 it was $16 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent
Why is there an incentive for each member of a cartel to cheat by producing more than the agreed-on amount? What is the "prisoner's dilemma" and how is it related to the problem of cheating? What are the other problems facing cartels?
harry and sally have the following preferencesuhx y lnx lnyusx y lnx ya. what is harrys price elasticity of demand
Two firms control the entire market for gasoline. They both have identical marginal costs of $1/gallon. The inverse demand for a gallon of gasoline is given by P(G)=10-1.5G. Now the firm's agree to collude, but Firm A is a bastard, and after agree..
100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es 51.0). So how many popsicles will be sold each day in the short run if th..
The Do-Drop-Inn, Inc., provides vacation lodging services to both family and senior citizen customers. Yearly demand and marginal revenue relations for overnight lodging services, Q, are as follows: Family PF = $40 - $0.0004QF MRF = $40 - $0.0008Q..
Demand estimation for brand-name consumer products is made difficult by the fact that managers must rely on proprietary data. There is simply not enough publicly available data, which can be used to estimate demand elasticity for brand-name produc..
Do you think these costs should be included in GDP?
For the course project, you are to write a short paper investigating the effect of alcohol consumption on a labor market outcome. You will do this by applying the econometric techniques used in class to the data set that is available on SmartSite:..
Valles Global Industries has a small division that addresses the oil business. Currently, they are thinking about a pumping problem in the Durango Quadrant. They have an existing pump that will extract 50% of the known crude-oil reserve in the f..
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