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Question: When patients suffered from hemorrhagic fever, M*A*S*H doctors replaced lost sodium by administering a saline solution intravenously. However, headquarters (HQ) sent a treatment change disallowing the saline solution. With a patient in shock and near death from a disastrously low sodium level, B. J. Hunnicut wanted to administer a low-sodium-concentration saline solution as a last-ditch attempt to save the patient. Colonel Potter looked at B. J. and Hawkeye and summed up the situation. "O.K., let's get this straight.
If we go by the new directive from HQ and don't administer saline to replace the sodium, our boy will die for sure. If we try B. J.'s idea, then he may survive, and we'll know how to treat the next two patients who are getting worse. If we try it and he doesn't make it, we're in trouble with HQ and may get court-martialed. I say we have no choice. Let's try it." (Source: "Mr. and Mrs. Who." Written by Ronny Graham, directed by Burt Metcalfe, 1980.) Structure the doctors' decision. What are their objectives? What risks do they face? Draw a decision tree for their decision.
There are 100 households in the economy. Half of these households save according to r = 2 + Sp/10 while the other half of the households save according to r = 5 + Sp/5 where each of these equations expresses the saving function for one household. ..
Sometimes market activities (production, buying and selling) have unintended positive or negative effects outside the market's scope. TI know that is an externality.
Consider an economy in which the current level of income is $600b, "the" multiplier is 4, the marginal tax rate is 20%, the current budget deficit is $30b. To increase income to $650b we require an increase in government spending of
Draw a downward-sloping demand curve and the corresponding marginal revenue curve for a monopolistically competitive firm. Add a marginal cost curve and an average total cost curve so that the firm is in long-run equilibrium. Identify the price it..
Inflation is 20 percent. Debt is $2 trillion. The nominal deficit is $300 billion. If the expected inflation rate falls from 20 percent to 15 percent, by how much does the real deficit change?
You inherit a package of call options on a stock currently selling for fifty three dollar. In a year, the stock could sell for anywhere between $40 and $80.
Graph the ATC and MC curves for Isabel's shop, and indicate her profit (from 3.b.). Make sure the graph is well labeled. The only actual values you need to use are those given or calculated in 3.a. and 3.b..
Using a supply and demand diagram, demonstrate how a positive externality leads to market inefficiency. how might the government help to eliminate this inefficiency.
If a competitive firm is producing at an output level for which price less than marginal cost, the firm:
Would selling the same product in two different markets (NY and AL), but at two different prices be considered third degree price discrimination? Explain.
Does this statement hold in the de?cient-demand Keynesian model for a negative shock to (i) aggregate demand and (ii) aggregate labor productivity?
Suppose that the large firm sets the market price at some level P. Each supplier acts competitively (i.e., sets output to maximize profit, given P). What is the supply curve of the typical supplier? Of the industry?
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