Search & Filtering
Why does the quantity of salt demanded tend to be unresponsive to change in it's price?
Consider the following strategic situation that has been enacted in a recent experiment: Participants are grouped into groups of n participants. Participants sit, each in front of their own computer, in the lab and decide about whether to volunteer or not. Each group was given two minutes to decide, with the experiment ending as soon as someone volunteered. If no one volunteered, each group member received a payment of $1. Anyone who volunteered received $1.75, while the other group members who have not volunteered each received $2.
Translating this situation into a simultaneous move game, write the primitives of the model, the set of players, the set of actions for each player and the preferences of each participant on profiles of actions by all players.
You are the manager of a car dealership that sells luxury automobiles, which are normal goods. Although a recession is expected next year, you expect your client's incomes to increase over the coming year. What will you do about ordering cars for next year as compared to last year? Why?
Apples and oranges are substitutes. A freeze in Florida destroys most of the orange crop. What would you expect to happen to the market for the following:
a. Oranges?
b. Apples?
c. Orange Juice?
Describe the risks that an organisation may face for maintaining a small supplier base
Explain the relationship between inflation and unemployment both in the short run and long run.
A key feature of a macroeconomic model is whether it assumes that prices are flexible or sticky. According to most macroeconomists, models with flexible prices describe the economy in the long run, whereas models with sticky prices offer a better description of the economy in the short run. Which one of thoughts discussed above do you support? Why? Support your answer with evidence.
After retirement, Nguyen wants to open a Corona Spa. He is planning to retire in the next 30
years. He wants to be able to draw out of his savings 30 years after retirement an amount of
300 mil VNĐ per year. How much would he has to pay in equal annual deposits until
retirement to meet his objectives? Assume interest remains at 3%
Greenland and Blueland are countries that produce only tools and wine. Assume each country has 10000 labor hours available per month. With the available technologies Greenland can produce each unit of tools in 2.5 hours and 1 liter of wine in 5 hours, while Blueland can produce each unit of tools in 4 hours and 1 liter of wine in 5 hours.
What is the opportunity cost of 1 liter of wine and 1 unit of tools in Greenland and Blueland.
a person has 100 dollar to spend on two goods x and y whose respectively prices are 3 dollar and 5 dollar.
draw the budget line.
