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1) Suppose that A, B and C are the only people interested in an antique table being auctioned by a second-price sealed-bid auction. Suppose A's value of the painting is $22,000, B's $18,000, and C's is $15,000. The values are private. What is each bidder's optimal bid? Who wins the auction and what price does she pay? What is each bidder's consumer surplus?
In recent years the States of Colorado and Washington have (for all practical purposes) legalized the recreational use of marijuana. Both advocates and opponents claimed that such laws would have observable effects on public revenues and expenditures..
Explain how premium business models work. Make sure to include the mathematical equations we used in the Dropbox case study to describe the economics of this type of offering (calculating how many paid customers are needed to support free customers).
In a two-period consumption model, a rise in the income of the second period would cause consumption in the first period to:
She says the tax will generate $100,000 tax revenues per month. What assumption is she making.
Joe's search costs are $7 per search. He wants to buy a DVD player for his wife for Christmas and lowest price he's found so far is $200. Should Joe continue to search or buy a DVD player at a price of $200.
What are the short-term and long-term consequences of paying or failing to pay the ransom?
If households decide to save a larger portion of their income, what effect would this have on the output, employment, and price level in the short run? What about the long run, assuming the government does not employ any stabilization policy?
show which own-price elasticity of Rohan's Marshallian demand for any good is independent of his income. To show that the income elasticity of his Marshallian demand for any good is equal to 1.
Leann just sold a $10,000 par value bond for $9,800. The bond interest rate was 4 % per year payable quarterly. Leann owned the bond for 3 years. The 1st interest payment she received was 3 months after she bought the bond. She sold it immediately af..
Suppose that the nominal rate is 26%, and real interest rate is 5%. What is the inflation rate?
Compare the market-wide result of the individual perfectly competitive firms' choices of profit-maximizing output level with the choice of the monopolist. Explain the implications of the break-up for the profitability of industry members, for soci..
In terms of the shareholder wealth maximization model, if the expected future profits of a firm are cut in half, what should happen to the share price?
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