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You hire a contractor to remodel your house. Identify three potential areas where asymmetric information and the principal-agent problem may be present. What are ways to mitigate the problems? Do you think having local government representatives inspect remodeling and building activities helps to reduce any of the problems? Explain your answers.
Consider a competitive market served by many domestic and foreign firms. The domestic demand for thse firms' product is \(Q^{4} = 500 -1.5P\) The supply function of the domestic furms is \(Q^{SD} = 50 + 0.5P\) while that of foreign firms is \(Q^{S..
A farmer grows wheat, which he sells to a miller for $100. The miller turns the wheat into flour, which he sells to a baker for $150. The baker turns the wheat into bread, which he sells to consumers for $180. Consumers eat the bread.
(1)Suppose a firm produces and sells its output at $38 per unit, in what market is such a firm operating (2)Determine the economic capacity of the firm in part(1) if the firm's total cost function is TC(Q)=40Q-2Q2 +0.5Q3
Today the XYZ Corporation shipped goods value at 1 million Euros, to a customer in Belgium. Payment is due in 90 days, and the Belgium firm will make the payment in euros. Today spot rate is euros1 / $ 1.25. The 90 day forward rate is euros1 / $1...
In his current job, Smith can work as many hours per day as he chooses, and he will be paid $1/hr for the first 8 hours he works, $2.50/hr for each hour over 8. Faced with this payment schedule, Smith chooses to work 12 hr/day.
In the economy of Scottopia in 2008, exports equaled $400 billion of goods and $300 billion of services, imports equaled $500 billion of goods and $350 billion of services, and the rest of the purchased $250 billion of Scottopia's assets.
data collected in the imaginary economy of Perturbia reveals that when the price of cham increased by 20%, the quantity of cham sold decreased by 30%, and the quantity of firm demanded increased by 15%.
1.the table below shows the probability that a mother in a given part of the income distribution given by the row will
An alternative has a discounted project cost of $2,195,000 with no salvage value. The estimate was in constant dollars and the discounting used mid-year factors. While the period of analysis is 5 years, the alternative only provides benefits for t..
Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets Is it ..
Suppose a drug developer just received a patent on a new chemical compound, which could be used in developing a new drug to control cholesterol. The developer knows (with certainty) that it could successfully develop the compound into a safe.
Bill Oranges/ Apples 20/ 0 10/ 10 0/ 20 Brian Oranges/ Apples 10/ 0 5 /15 0/ 30 Explain who has a comparative advantage in the production of oranges and who has the advantage in the production of apples.
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