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Q1. Think about the electoral competition model with three candidates. Extend the model to incorporate that candidates not only care about office but also about the policy that is implemented. You can suppose any single peaked preference which you want. Characterize the equilibria of the model. The characterization should be a function of the bliss point of the candidates.
Q2. The demand for good X is estimated to be Qxd = 5,000 - 5PX +3PY + 2M + AX, where PX is the price of X, PY is the price of good Y, M is income and AX is the amount of advertising on X. Suppose the present price of good X is $25, PY = $50, M = $30,000, and AX = 500 units. Elucidate demand for good X of its own-price elasticity?
Describe the international monetary system known as the Bretton Woods system, or the gold exchange standard that existed from the mid 1940s to the early 1970s.
The production process requires labor and capital as inputs. Labor costs $6 per labor hour and capital costs $12 per machine hour.
If you were a manager in a tobacco company, analyze the elasticity of demand for tobacco products. Evaluate the factors involved in making decisions about pricing tobacco.
Disposable personal income equals personal income and two factors are the keys to determining labour productivity
In 2012, Balnur taught music and earned $20,000. She also earned $4,000 by renting out her basement. On January 1, 2013, she quit teaching, stopped renting out her basement, and began to use it as the office for her new Web site design business.
Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $10, the cost of mowing the second Lawn is $12, and the cost of mowing the third lawn is $15.
The quantity demanded of the resource in each year is given by the equation Qt = 10 - Pt . The marginal cost of extraction is zero.
Divide the Banzhaf power index by the number of votersin state. Are votersin small states or are votersin big state more powerful, according to this measure.
The annual operating and maintenance expenses are estimated to be $1,000. If Convington's MARR is 15%, how many years will it take before this machine becomes profitable.
Explain how it will affect the number of employees you schedule. All other things being equal, what will happen to prices of the Galaxy and the iPhone.
An increase in the number of varieties of a good regarded as a gain from trade. Can you think of economic disadvantages associated with greater product variety.
Suppose that on January 1, the price of one hundred yen was $0.80 and PPP held. Over the year, the Japanese inflation rate was 5 percent and the U.S. inflation rate was 10 percent.
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