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- Macroeconomics is an aggregate of what happens at the Microeconomics level. Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro level? Hint: Think about the behavior of crowds.Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?Suppose that an incumbent can commit to producing a large quantity of outputbefore the potential entrant decides whether to enter. So, the incumbent Örst chooseswhether to produce a small quantity or a large quantity. The rival then decides whether toenter. If the incumbent commits to the small output level and if the rival does not enter,the rival makes $0 and the incumbent makes $900. If it does enter, the rival makes $125and the incumbent earns $450. If the incumbent commits to producing the large quantity,and the potential entrant stays out of the market, the potential entrant makes $0 and theincumbent makes $800. If the rival enters, the best the entrant can make is $0, the sameamount it would earn if it didnít enter, but the incumbent earns only $400. Show the gametree. What is the SPNE?
- Four roommates are planning to spend the weekendin their dorm room watching old movies, and theyare debating how many to watch. Here is theirwillingness to pay for each film:Dwayne Javier Salman ChrisFirst film $7 $5 $3 $2Second film 6 4 2 1Third film 5 3 1 0Fourth film 4 2 0 0Fifth film 3 1 0 0a. Within the dorm room, is the showing of a moviea public good? Why or why not?b. If it costs $8 to stream a movie, how many moviesshould the roommates stream to maximize totalsurplus?c. If they choose the optimal number from part (b)and then split the cost of streaming the moviesequally, how much surplus does each personobtain from watching the movies?d. Is there any way to split the cost to ensure thateveryone benefits? What practical problems doesthis solution raise?e. Suppose they agree in advance to choose theefficient number and to split the cost of the moviesequally. When Dwayne is asked his willingness topay, will he have an incentive to tell the truth? Ifso, why? If not, what will he…Five roommates arc planning to spend the weekendin their dorm room watching movies, and they arcdebating how many movies to watch. Here is theirwillingness to pay:Quentin Spike Ridley Martin StevenFirst film $14 $10 $8 $4 $2Second film 12 8 4 2 0Third film 10 6 2 0 0Fourth film 6 2 0 0 0Filth film 2 0 0 0 0Buying a DVD costs SIS, which the roommates splitequally, so each pays $3 per movie.a. What is the efficient number of movies to watch(that is, the number that maximizes total surplus)?b. from the standpoint of each roommate, what isthe preferred number of movies?c. What is the preference of the median roommate?d. (f the roommates held a vote on the efficient out~come versus the median voter's preference, howwould each person vote? Which outcome wouldg~ a majority?c. lf one of the roommates proposed a differentnumber of movies, could his proposal beat thewinner from part (d) in a vote?f. Can majority rule be counted on to reach efficientoutcomes in the provision of public go<Xis?In 2006, the Australian Government incorporated research into corporate social responsibilities to determineif there is a need to include social and environmental responsibilities within the Corporation Act throughamendment procedure. It was decided not to incorporate a particular regulation through legislation, insteadrely upon the 'market forces' to encourage companies to do the 'right thing'. This viewpoint was expressedthat if companies did not look after the environment or did not act in a socially responsible manner, peoplewould not want to consume the organisations' products. From the equity market perspective, potentialinvestors would not want to invest in the organisations, and further workers wouldn't want to work for them,and so forth. Because companies were aware of such market forces, they would do the 'right thing' even inthe absence of legislation.Requirement:1) Using theories such as Public Interest Theory, Capture Theory and Economic Interest Group Theoryto critically…
- The New York City Council is ready to vote on two billsthat authorize the construction of new roads in Manhattanand Brooklyn. If the two boroughs join forces, they can passboth bills, but neither borough by itself has enough powerto pass a bill. If a bill is passed, then it will cost the taxpayersof each borough $1 million, but if roads are built in aborough, the benefits to the borough are estimated to be $10million. The council votes on both bills simultaneously, andeach councilperson must vote on the bills without knowinghow anybody else will vote. Assuming that each boroughsupports its own bill, determine whether this game has anyequilibrium points. Is this game analogous to the Prisoner’sDilemma? Explain why or why not.Five roommates are planning to spend the weekendin their apartment watching movies, and they aredebating how many movies to watch. The tablebelow shows each roommate’s willingness to pay foreach of the movies:Ava Ridley Spike Kathryn QuentinFirst film $14 $10 $8 $4 $2Second film 12 8 4 2 0Third film 10 6 2 0 0Fourth film 6 2 0 0 0Fifth film 2 0 0 0 0A movie on their streaming service costs $15, which theroommates split equally, so each pays $3 per movie.a. What is the efficient number of movies to watch(that is, the number that maximizes total surplus)?b. For each roommate, what is the preferred numberof movies to watch?What is an externality?
- 1. Caribbean economies tend to rely heavily on the Tourism sector, offering Sun, Sea andSand as the “tourism product” for which tourists purchase hotel accommodationsto enjoy. Hoteliers offer these services and are therefore major “suppliers” in thismarket.In 2017 however, several natural disasters affected the Caribbean, resulting ineconomic, environmental and human losses. In order to analyze the impact ofthese Natural Disasters on the hotel industry, answer the following questions. a. With the use of an appropriate demand and supply diagram for hotel rooms(accommodation), illustrate and explain how the news of an impending Tropical Stormto the Caribbean region would affect the market price (hotel rates) and quantity tradedof hotel rooms.b. Following the destruction of hotel infrastructure from the passage of the Hurricanes, usean appropriate demand and supply diagram for hotel rooms (accommodations) toillustrate and explain the impact of the Hurricanes on the market price and…Consider the following set of diffusion curves. Assume that every unit of wind power represents an additional adopter of the innovation. 174 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 PATRICK SÖDERHOLM AND GER KLAASSEN 1986 1988 1990 1992 1994 1996 1998 2000 Denmark Germany UK: Spain Figure 2. Installed wind power capacity (MW). Which curve appears to have the slowest overall diffusion rate? O a.Denmark O b. Germany OCUK O d. SpainSteel (millions of tons) 8 30 20- 10 0 Country A Production possibilition curve 10 20 30 40 Chemicals (millions of tons) From the diagrams, it can be seen that 50 Steel (millions of tons) 8 20 10 0 Country B Production possibilities curve 10 20 30 40 Chemicals (millions of tons) O the slopes of the two curves indicate both countries will specialize in chemicals. O country B has an absolute advantage in both commodities. O it is more costly in terms of resources to produce steel in country A. O country B has a comparative advantage in chemicals. O country A has a comparative advantage in both commodities. 50