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Three stores have a problem with theft, and security is a public good. Let’s use S to stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 100 – 2S, and the cost of patrols is $30 per hour. What is the socially efficient level of security? If security is left to the independent decisions of the stores, what will they choose? How would your answer change if there were 5 stores?
Explain why a perfectly competitive firm may continue to operate in the short-run even with a loss of profits.
A major electronics manufacturer expects to generate additional revenue from its recently won government contract. The company forecasts that the revenue will be $108,937 million in the first year, but will decline by $2,295 million every year for th..
Why is there so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency? Why might it be excessive at times?
Illustrate what will be the short run effect of government imposition of a lump sum tax per firm equal to 170? If this tax remains
Assume that the inflation rates in 2010, 2011, and 2012 were 1%, 2%, and 3% respectively. During the same periods, nominal interest rates were 5%, 5%, and 6%, respectively. What are the ex-post real interest rates in 2010, 2011, and 2012?
Consider the horizontal quality model on the unit interval from 0 to 1. There are N consumers located uniformly along the interval. If the firms sell to the whole market, derive the function governing demand to each firm as a function of the two pric..
What information will we get from a competitive analysis that will help us to develop gaming content and evaluate our target market?
If the position of the demand curve for digital rock music albums has remained unchanged, what can account for a continuing rise in the market clearking price? If the answer explains why album prices have been rising, what can you predict is likely t..
Why might it be hypothesized that a typical developed country is likely to have a greater relative amount of intra-industry trade than is a typical developing country? Explain.
Can trade and exchange occur within the firm without the exsitence of private property rights? If individual property rights are necessary for econmic success, how might the firm allow property rights? Consider illegal immigration. How would illegal ..
Suppose you have $500 in savings when the price level index is at 100. (a) If inflation pushes the price level up by 10 percent, what will be the real value of your savings?
on average, Japan's real every capita output grew at a rate of 3 percent every year among 1973 also 1993. Illustrate what would Japan's output every capita have been at the end of 1993.
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