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Question: Suppose that 20 risk neutral competitors participate in a rent seeking game with a fixed prize of $500. Each player may invest as much (in $) as he wishes in the political contest. The probability of winning is directly proportional to the candidate's share of the total rent-seeking investment.
a. What is the expected net benefit of a player if all other players invest $20 each? Write the net benefit as a function of the player's investment.
b. Solve the maximization problem to arrive at the profit-maximizing investment.
Use economic analysis to explain why the optimal amount of product safety may be less than the amount that would totally eliminate risks of accidents and deaths. Use automobiles as an example.
(a) How did nominal wages change between 2010 and 2014? (b) How did real wages (using 2010's CPI as base) change between 2010 and 2014?
Provide examples of two industries with different time frames for the short run. Clarify why this is the case.
Calculate the bond's yield to maturity (YTM). Now, if due to changes in market conditions, the market required YTM suddenly increases.
Explain in detail what the United States of America's national debt is? i.e What is the US national debt?
Discuss the sanctions on Russia over Ukraine by US and European countries and Russia's retaliations. Discuss the impacts on US, European countries, and Russian economies.
What do you understand by "Early Warning Systems" for banking crises? What is the CAMELS approach?
Identify and explain 3 reasons why incomes differ across households, and why the income gap has increased over the years?
Outline the factors that strengthen and weaken the relationship between the economic cycles of individual economies.
Determine the implicit (monthly) demand curve for visits to the lake and plot it in a graph. [Plot the "hypothetical admission fee" on the vertical axis and the number of visitors on the horizontal axis.]
Who the Anglo-Saxon and Vikings were and What are the significance of the Crusades?
The firms cost functions are given by the following functional form: C(qi)=ciqi, where i=1,2. Under this functional form, the firms marginal cost equals its average cost. Discuss each firm’s best-response function when the firms compete by choosing p..
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