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WHich of the following is an example of an adverse selection problem and which is a moral hazard incentive problem? In each case, give one method that the restaurant might use to reduce the problem
1) A restaurant decided to offer an all-you-can-eat buffet that is sold for a fixed price. The restaurant discovers that the customers for this buffet are not its usual clientele. Instead the customers tend to have big appetites. The restaurant loses money on the buffet
2) A restaurant owner hires a manager who promises to work long hours. When the owner is out of town, the manager goes home early. This action results in lost profits for the firm.
3) An optional dental plan is offered to the employees of the restaurant. The restaurant pays 80% of the dental premiums. Employees who elect dental coverage pay the remaining 20% of the dental premiums. The costs of the employee dental plan have been skyrocketing 35% per year. In 2005, 79% of the employees chose dental coverage. In 2006, 59% of the employees chose dental coverage. In 2007, 39% of the employes chose dental coverage.
Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
Depends on the data above, describe why public health officials generally advocate the use of cigarette taxes to reduce teenage smoking.
Diffentiate among short-run and long-run and consider the role of expectations.
A famous quarterback quite signed a $15 million contract providing $3 million a year for 5 years suppose that he gets paid at the end of each year.
Elucidate how will this change affect international business. What other industries might be affected by similar technological advancements.
Explain how much control might an organization have over pricing based on a product's elasticity
Why might the existing firms in a cartelized industry prefer to be regulated by the government? What is the problem with common property resources?
Under the concept of equilibrium whenever dealing with quantity and price.
Suppose there is a market for an industrial compound, Weon. This industrial compound is used as an input for the production of cleaning agents.
You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:
Illustrate what do each of the following seek if they pursue their own self interest: consumers, resource owners, and business firms.
Show the effect of moving to a consumption tax on the loan able funds market if people react favourably to the incentive to save. Choose which curve or curves you believe are affected.
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