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a. A TV station wants a documentary about the Australian outback. A freelance reporter is interested and the two parties negotiate. The trip to Australia, the equipment and everything else necessary for the documentary would cost £10,000, which the reporter would have to pay herself. The TV station offers to pay £25,000 for the documentary later. If the reporter does not sell the documentary to the TV station, she could put it on her own Youtube – Channel and earn £8,000 revenue this way. Assume no binding contract can be written. Will the reporter produce the documentary? Explain your answer.
b. What is a problem such as in a) called? What is the economic “loss” that it causes?
c. What could the TV station do in order to make the documentary happen (other than writing a binding contract)?
d. Give two other examples of how this type of problem can be solved generally. Briefly explain your examples.
Suppose a company demands function is Qd=220-5p a. At what quantity is the company total revenue maximized? b. What is the company's maximum total revenue? c. what is the company marginal revenue when its total revenue is maximized? d.What is the com..
What trade-offs does the Federal Reserve consider when deciding how rapidly or how slowly to increase the U.S. money supply? What are the dangers of increasing the money supply too slowly? Too rapidly? What factors make it difficult to predict the gr..
Suppose that the demand function in a competitive market is given by D=100-1/2P. Sketch the demand curve on the price-quantity plane, using axes labels commonly adopted in economics. Use definite integrals to find the consumer surplus when the market..
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. Draw several indifference curves to illustrate Carl's preferences. Are Carl's preferences co..
Discuss which economic relationships you have studied up until now (not just in this class, but in all your economics classes) could be estimated using the simple linear regression model as well as the information you would need to estimate such a re..
Why is a vending machine, which requires payment for each snack purchased, used to sell snacks, while a newspaper can be sold out of a box that allows anyone to take more than one paper?
Consider an economy inhabited by overlapping generations of two-period-lived individuals, each of whom receives an endowment of y in the first period of life and none in the second. The population of newborns grows as follows: Nt = nNt−1, where n > 1..
On February 1. Arshak's investment account has a balance of $19,800. He deposited $1,100 on April 1 and $2,600 on May 1. He withdrew $8.300 on July 1. On November 1, Ubalds balance was $14,820. Find Arshak's approximate dollar-weighted annual yield f..
The U.S. market for hand sanitizer is controlled by a monopoly (firm I, for incumbent) that has a total cost given by TC(qi) = 0.025qi^2. The market demand for hand sanitizer is given by P = 50 – 0.1Q. What are the incumbent’s profits if it commits t..
You are the project executive of a monopolistically competitive firm. The present demand curve is P=100-4Q . Your total cost equation is C(Q)=50+8.5Q2 , and MC = 17Q a. What level of output should you set to maximize profits? b. What price would you ..
Economists forecast future economic conditions by studying variables that tend to fluctuate in advance of the overall economy. The most significant of these variables are known as leading indicators, and they compose the index of leading economic ind..
Calculate the output level and price that maximizes total revenue.
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