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Now, assume that the regulator implements a mandate that requires everybody to buy insurance in the market. Assume the mandate is completely effective, and that everyone gets insurance. What is the welfare impact of this mandate? Is it larger or smaller in absolute value (magnitude) than the welfare loss from adverse selection calculated in 2? Is it negative or positive?
Consider a free market with demand equal to Q = 60-4P and supply equal to Q=2P. What is the value of consumer surplus? What is the value of producer surplus?
Wal-Mart advertises that it has rolled back prices. If Wal-Mart is rolling back prices to raise revenues, should it roll back prices on products that have a price elasticity of demand that is elastic or inelastic. Explain your answer.
The following information is for the US economy in 1998: Find the US labor force, the number unemployed and the unemployment rate for 1998. Numbers are in millions. Hint: start with population and kick out all those not in the labor forces.
There are N hostages and one bad guy, who needs a password from the hostages. One by one, the bad guy asks each hostage for the password. If the hostage squeals, the game ends; otherwise, the hostage dies, and the bad guy moves on to the next hostage..
Suppose that a store’s management is considering a plan in which customers who donate blood get a $20 gift card. If both store REVENUES and blood donations (i.e., number of pints donated) rise with this plan, which of the following is true? Be sure t..
As a result of many rounds of the General Agreement on Tariffs and Trade and other trade negotiations, both tariff and nontariff barriers
The level of noise at a party often gets so loud that you have to shout to make yourself heard. Surely everyone would be better off if everyone kept his voice down. Explain this behavior in terms of dominant strategies.
Question: Does motivation come from within a person or is it a result of a situation. Explain?
What is the marginal propensity to consume - what is autonomous consumption with respect to disposable income equal to in this economy?
The long-run supply curve in a perfectly competitive market is perfectly elastic because of free entry and exit of firms.
What are the main goals of monetary policy? Explain them separately and mention if there is any priority in achieving some monetary policy's goals
How does Costco differ from other retailers? What is their business model? Who is the Costco target customer? Why? Why are the stores laid out the way they are? How is this different from other retailers? Why does Costco keep the price of its hot dog..
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