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The allocation of risk between two (2) risk averse parties in the creation of a contract is efficient:
1) If transaction costs are zero.
2) Unless the risk is unforeseeable.
3) When courts create an efficient default rule.
4) If risk is born by the party who can carry the risk at least cost.
When the price faced by a firm in a competitive market was $5, the firm produced nothing in the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer that
The unemployment rate measures only the fraction of the labor force searching for work. Sometimes economists are interested in the length of time that unemployed have been out of work. One convenient summary measure is the median duration of unemploy..
Joe won $365,000 a year for life in the state lottery. Use a labor-leisure choice analysis to answer the following: Show how Joe’s lottery winnings affect the position of his budget line. Joe’s utility function for goods per pay (Y) and hours of leis..
The table below pertains to Pieway, an economy in which the typical consumer's basket consists of 15 bushels of peaches and 10 bushels of pecans.
What is a good budget reduction strategies? and discuss which reduction strategy you would employ and how you would accomplish that reduction
What are the phases of business cycle? What happens during prosperity? What happens during contraction phase? What is the difference between recession and depression?
Assume that wages and prices are sticky and that we start at a long-run equilibrium. What is the inflation rate at the initial long-run equilibrium (the point where we start)? After the negative real shock, what is the level of expected inflation for..
There are 16 hours daily to be divided between working for day and leisure. Working yields hourly wages of $10. Any hours worked in excess of eight hours are considered overtime, and are compensated at $15 hourly. Produce the budget constraint implie..
Explain the relevant importance of debt vs. equity financing and the reasons for the mass-media preoccupation with equity markets. Explain the relevant importance of marketable securities vs. non-marketable securities. Explain the relative importance..
How can behavioral economics be used for as a student? How can it be apply and use behavioral economics if were a small business owner?
Here are four individuals telling you their stories of how they became unemployed. In a multi-paragraph essay, apply the theories of unemployment to explain the type of unemployment that each of these individuals is facing and explains which of these..
The following equation represents the weekly demand that a local theater faces. Qd = 2000 - 25 P + 2 A, where P represents price and A is the number of weekly advertisements. Presently the theater advertises 125 times per week. What is the price elas..
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