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Problem 1: Using either a graph or table use two goods to construct a production possibilities curve. Clearly explain what a variety of different points on the curve mean. What would make the curve expand or contract? Why is efficiency lost at the extremes, as when substantially more of one good and very little of another is produced?
Problem 2: Part A: Go to the internet auction site eBay and select the category Jewelry and Watches, followed by Loose Diamonds and Gemstones, and then Diamonds, Natural. How many natural diamonds are for sale at the moment? Note the wide array of sizes and prices of the diamonds. In what sense is there competition among the sellers in this market? How does that competition influence prices? In what sense is there competition among buyers? How does that competition influence prices?
Problem 3: Select a social problem where free markets are not allowed to function and describe how free market features could be introduced to help alleviate the problem. As part of your answer also include a discussion of the risks of introducing market mechanisms in situations where ethical issues are present. Your answer should be approximately two pages long and in APA format.
What is a strategy for a player in this game and describe strategies that are in Bayes Nash equilibrium.
Denote the Cournot quantity for each rm by qa, and denote half of the monopoly quantity by qb. Suppose that the two rms interact with each other for in nite periods, and in each period they choose quantities simultaneously.
EconS 323 Problem Set, Assuming that the interior solution for labor supply will dominate the corner solutions, NOW what is Cosmo’s optimal labor supply as a function of the market wage w and the tax rate t?
Based on your reading of material from the Index of Economic Freedom, describe the relationship between economic freedom and variations in wealth among countries.
How does economics differ from a natural science like chemistry and formal science like mathematics? How is it similar to other social sciences like anthropology and political science?
Estimating the Marginal Return to Schooling Suppose Carl's wage-schooling locus is given by the following schedule and Human Capital Investment
What would the number of paying patients and federally funded seniors be if the federal funding agency raised its rate to $120 per treatment and given a supply curve for ultrasound clinics, predict how the supply curve will shift
The news headlines during late 2012 and early 2013 were predominantly encompassed by the numerous deliberations between the President of the United States of America and the United States Congress regarding how to deal with the economic situations..
The purpose of this project is to promote better understanding of globalization, world trade and economic development, including the forces, values, events etc.
If Boeing produces 9 jets per month, its long-run total cost is S9 million per month. If produces 10 jets per month, its long run total cost is $9.5 million per month. Does Boeing exhibit economies or diseconomies of scale in producing jets.
Discuss how the particular issue affects cross country income differences and/or growth rates. You should use a particular book or journal article on a topic related to course material and real data to improve your research paper and presentation.
Calculate the total cost of providing this insured service to the plan before and after the change in coverage.
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