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Consumer Reports. You want to buy a used car, specifically a 1999 Zephyr. According to Consumer Reports, half the 1999 Zephyrs now on the road are lemons, meaning they break down frequently and generate large repair bills. Consumers are willing to pay $2,000 for a lemon, but $5,000 for a plum. According to Ms. Wizard, The equilibrium price of used 1999 Zephyrs will be $2,000 in Sourland but $2,600 in Sweetland.
a. Illustrate with a complete graph for each market.
b. What is the fundamental difference between the two markets?
Consider a Cournot game in which there are two firms that face a market demand represented as Q = 500 - p and the cost function of firm i is Ci(qi)=50qi. Part a . Derive the best response functions for each firm. Part b . Calculate the Nash Equilib..
Draw a complete graph showing Petrov s initial (before the gas tax) budget line and his initial choice. At his initial choice, the marginal utility per dollar on gasoline is utils.
The cost of weddings in the United States has skyrocketed in recent years. As a result many couples are opting to have their weddings in the Caribbean. A Caribbean vacation resort recently advertised in Bride Magazine that the cost of a Caribbean ..
Consider a two consumer exchange economy. Consumer 1 and consumer 2 have utility functions given by:u2=xy These consumers are initially endowed with: Compute each consumers demand functions for goods x and y.
during the beginning of the 21st century, the growth in computer sales declined for the first time in almost two decades. As a result, PC makers dramatically reduced their orders of computer chips from Intel and other vendors.
Since the VPAc€?cs trust you, they asked you to figure out the most they should pay for a license from SohnCo.
this is a research paper, not an opinion paper. You should be able to justify every statement in the paper with published material.
Rob currently earns a salary of $1,000 per week as an economics instructor. His next best career would have been an assistant manager at Pizza Hut, where he would have earned $12 per hour, and would have worked for 40 hours per week.
Suppose a tax on beans of $0.05 per can is levied on firms. As a result of the tax, the equilibrium price increases from $0.20 to $0.22. What fraction of the incidence falls on consumers Suppose the supply elasticity is 0.6. What must the demand e..
Some laboratory equipment sells for $75000. The manufacturer offers financing at 8% with annual payments for 4 years for up to $50,000 of the cost. The salesman is willing to cut the price buy 10% if you pay cash.
Your current wealth level is M=49, and you are forced to make the following wager: if a fair coin comes up heads, you get 15; you lose 24 if it comes up tails. Your utility function is U(X)=sqrt(X). What is the most you would pay to get out of the ..
Suppose that population increases led to an increase in labor supply (a rightward shift) of 5 thousand professors. What are the equilibrium wage and employment level in this market Why is the increase in employment less than 5 thousand
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