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Ten people are shipwrecked with water for only ten person days, but it will take at least 10 days to reach shore( a person dies after ine day without water)
1. How would a Rawlsian allocate the water?
2. How would a Utilitarian allocate the water?
3. Draw the production possibility curve for two people in the above situation ( but with two days of water and two days of travel)
Two bidders are about to compete in an auction for an object. Each of them has a private value for the item that the other believes is distributed uniformly from zero to fifty. Suppose that the auction format is a first-price sealed-bid auction. Prov..
If price elasticity of demand = -1.5 and price decreases by 10 percent, then
q. in 1999 mercedes- benz usa assumes a new pricing policy which it called nfp negotiation- free process that sought to
Other things being equal, the markup above marginal cost that a monopolist charges will be:
A manufactures of a well-known brand of toothpaste is considering changing the way he prices his tooth paste. Currently, he is selling it at $5.00 per bottle. He hired a college professor of economics to estimate the demand function for the product.
At the equilibrium point in the above graph, which of the following is false?
Different economies grow at different rates. Three countries that have done very well over the last three decades are China, India, and Ireland. Both China and India are huge while Ireland is relatively small. What economic policies have had an effec..
what value would you predict for S? b. What happens if P is reduced to $17,1500? c. How would you go about developing a value for k? d. What are the potential weaknesses of this model?
q.bob as well as nancy live in a new housing development as well as they would like to have fire hydrants installed to
Some observers argue that the coming of electronic commerce on the Internet signals the arrival of a new era of global marketing, as online retailers of everything from books and music to soft- ware and outdoor gear make it possible to buy products w..
What is the optimal system of intellectual property rights to encourage innovation? Empirical evidence from economic history can help to inform important policy questions that have been difficult to answer with modern data: For example, does the exis..
Suppose the Demand Curve is given by Q = 100 - .5 P Derive the Price that Maximizes Total Profit if the company produced at a constant marginal cost of $50/unit.
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