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1. For each of the following purchases, say whether you would expect the degree of imperfect information to be relatively high or relatively low: a. Buying apples at a roadside stand b. Buying dinner at the neighborhood restaurant around the corner c. Buying a used laptop computer at a garage sale d. Ordering flowers over the Internet for your friend in a different city
2. Why is there asymmetric information in the labor market? What signals can an employer look for that might indicate the traits they are seeking in a new employee?
3. Why is it difficult to measure health outcomes?
If other people exploit the same opportunity, what will happen to the cost in Thailand as well as in Malaysia.
. Abstracting out this income effect would leave the quantity of X unchanged. On the other hand, beyond the switch point, only Y is consumed and no changes in Px will have any income or substitution effect.
Assume that the following conditions exist: Now the Fed engages in contractionary monetary policy. It sells $1 billion worth of bonds, which reduces the money supply, which in turn raises the market rate of interest by 1 percentage point. Calculate t..
What changes have you seen due to the subprime mortgage crisis in the U.S. housing market and bubble? What do you think will occur in the next 5 years given the demand and supply of land as well as the policies adopted [if any] by the Congress in res..
Futons Inc. produces futons using only two inputs – capital (wood, nails, and hammers) and labor (measured in worker hours) – with a technology characterized by the following function:q = 2ln(K + 3L)Futons Inc. spent $100 on 100 units of capital at t..
In order to attract more customers on Mondays ( a slow day), Alex's pizza shop decided to reduce the price of their pizza rolls from $3.50 to $2.50. As a result, Monday sales increased from 70 to 130. Also, Alex's sales of soft drinks rose from 40 to..
Think of the company that sells the product or service you identified in DQ #2 during Week One. Explain how and why the company would use the concepts of average productivity and marginal productivity
Suppose two firms sell an homogeneous product; they compete in prices. Their respective marginal costs are MC1(q) = 10 and MC2(q) = 20. Find the prices that form an equilibrium (for simplicity and reality, assume that prices are quoted in units no sm..
Describe the stakeholders involved in this ethical dilemma. What stake do they have in the situation? Are Bill's actions an ethical issue, a legal issue, or both? Explain your reasoning.
We have learned that there are significant gains from trade and that free trade improves the wealth of all nations. However, while international trade can make a country as a whole better off, it can also make some agents worse off. Please elaborate ..
Pamela earns a yearly salary of $150,000. During year 1 she invested $80,000 for a 20% interest in a passive activity. Operations of the activity in year 1 resulted in a loss of $500,000, of which Pamela’s share is $100,000. In year 2, the activity g..
Suppose that the market demand for a monopolist's good is given by the following demand function: P=150 - Q. In addition, suppose that the firm's total cost function is TC = 50 +20Q. Finally suppose that the firm utilized a uniform pricing rule. What..
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