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Predict from the point of view of adverse selection and moral hazard how the following conditions will affect behavior.
1) Cars getting into accidents when airbags are introduced.
2) Food consumption on "all-you-can-eat" night at a restaurant.
3) Telephone volume with unlimited calling plans.
Illustrate a firm in monopolistic competition that does not make a profit but rather a loss. Now illustrate how firm exit will change demand in the long run, allowing at least some firms to break even.
Over the past decade, medical costs have increased more rapidly than other prices. In order to illustrate how rising medical costs have affected consumer alternatives, let X represent the quantity of medical services, and let Y represent the quantity..
Two important policy goals of the government and the Fed are to keep unemployment and inflation low, while at the same time making sure that GDP is increasing at an average of 3% per year. Assume that the country is in a budget deficit and carrying a..
When the price of some important commodity or service rises rapidly, governments face pressure to do something about it. A variety of options are commonly considered. Governments can, and often do, subsidize the supply of goods seen as vital, commonl..
Describe the binomial distribution and provide an example of a random variable that you think follows a binomial distribution. How is the standard normal probability distribution used in management, do you think?
A producer’s production function is q=6K^(1/3)L^(1/2). The market price for the firm’s output is p, the cost of capital is $4 per unit used and the cost of labor is $3 per unit. Write an equation for the firm’s long-run profit. Find the factor demand..
How to interpret estimated coefficient and How to count tendency ratio between one category of certain independent to or category.
Elucidate how an economist could utilize the slope of the yield curve to analyze the probability that a recession will occur and why the spread may matter.
A recent report by the Centers for Disease Control looked at the relationship between the price of beer and the incidence of new cases of STD’s. The report concluded that a beer tax increase of $.20 could reduce overall STD rates by 8.9%. Assume tha..
Critics of traditional welfare programs often cite a disincentive to work as a flaw in the policy. Why would these critics be in favor of the Earned Income Tax Credit (EITC)? And why is the EITC described as a negative income tax?
Explain how the government distributes the burden of financing government-supplied goods and services. Identify the top three challenges in the process of distribution and suggest your methods to address these challenges.
Find out equilibrium price and output for the following market condition. Discuss a change in demand resulted in a change in the market price. Provide an example of how a change in supply resulted in a change in the market price. How does the price m..
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