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1. Consider again The Experience Machine from Week 2. Would you get in the machine? Carefully explain why or why not.
2. Utilitarianism is a deceptively simple moral theory that has quite a bit of intuitive appeal. But it also has its share of problems. How plausible do you find this account of the right making feature of acts? Clearly and carefully explain your answer.
Supply is the world supply. Elucidate the consumer surplus at the equilibrium price. What is the producer surplus.
Consider two maple syrup producers that engage in Cournot competition. Inverse demand for maple syrup is given by P(Q) = 16 − Q and the marginal cost of each producer is 4. If the producers do not collude, what is the Cournot equilibrium amount of sy..
Which of the following would cause a movement along the supply curve Ithat it is a change in the quantity supplied) for peanut butter? Check all that apply. Which of the following would cause a shift of the supply curve for peanut butter? Check all t..
Your system (Aircraft, etc.) has a reliability of .80 after operating for 1000 hours. What can you do to meet the customers' required reliability? Explain in detail.
The inverse demand curve for widgets is P = 130−2Q. There are two firms, A and B, who produce wid-gets. Each firm has a constant marginal and average cost of producing the good that equals 10. What is the Cournot-Nash equilibrium? You need to solve t..
Suppose a firm uses both labor L and capital K as inputs to production. Its production function is of the Cobb-Douglas form, i.e. F (K,L) = K^1/3 L^2/ 3. Express the firm’s real revenues, real costs and real profits in terms of the variables defined ..
Illustrate what must the central bank do to keep the peso cost of the dollar equal to Peso 3.4425 subsequent the speculators activities.
The cause and effect on how and why there was a government shut down a month ago.
Excise tax is levied on the buyers of a good, then after the tax buyers will pay for each unit of the good.
Suppose that spending an extra $2m on advertising by GE will reduce its expected profits by $1.5 m, regardless of whether Maytag enters or stays out. Would this additional spending on advertising achieve the effect of deterring Maytag from enterin..
Assume that initial GDP is $1,000 and we want to expand it to $1,600. Average MPC for the country is 2/3. What should be the new level of government spending if the initial level is $100. Also how much of a tax policy change reach to the same results..
An increase in government spending initially and primarily shifts which curve in what direction
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