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1. a) Explain what happens to observed prices in posted offer and double auction markets when there at least two sellers. b) Explain what happens in these two markets as the number of sellers drops to only one seller. c) explain how part b) illustrates to the first experimental principle
2. Recall the loser pay winner auction experiment done in class. (a) Discuss how these experiments explain why the bidders changed their minds toward wanting to bid well above the value of the prize, even though they refused to do so at the beginning. (b) Discuss how the experiment explains why George Bush and many citizens changed their minds about a "preemptive" attack on Iraq. (c) How do these experiments explain why England wanted to tax trade in the American colonies; which led to rebellion and the formation of the United States
Provide an example for each about decision-making, interaction and workings of economy. Explain how that influences marginal benefits and marginal costs associated with decision to purchase a house.
Compute the percentage change in price and quantity (%ΔP, %ΔQd) by adding this one room. Calculate the Price Elasticity of Demand.
What do you think it resulted in less standing in line by pregnant women. Do you suppose and women became pregnant in prder to cut into the long lines.
determine intellectual analysis and incisive. Write down a brief essay of about one page on the impact of labor migration.
Compute the expected value, the expected return, the variance and the standard deviation of an asset that requires a $1000 investment, but will return $850 half of the time and $1,250 the other half of the time.
what should you do when the manager of a perfectly competitive firm whose short run cost is TC = 100 + 160Q + 3Q2. If the market price is $196.
If the marginal cost of planting and harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest.
A few years ago a construction manager earning $70,000 every year working for a regional home builder decided to open his own home building company.
If the current price of capital is $10 and the current price of labor is $25, is the firm employing the optimal input bundle for its current output?
Do you believe that a “culture of entitlements” exists that contributes to the budget crisis? Does this concept carry over to corporate culture?
demand for labor in China will drive up costs per worker there to $5 per hour. How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
Kal Tech Engineering is investigating the possibility of acquiring new automated packaging equipment at a cost. Describe the equivalent uniform annual cost (EUAC) if MARR for the company is 10%.
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