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In circumstances of imperfect information should one expect the market to be efficient? Explain briefly.
imperfect information occurs where the information is not perfect. The asymmetric information is also a part of imperfect information.
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- Why is imperfect information a problem in market economies? Give a current example of how imperfect information causes a disruption in a market.There is a telling joke about two economists walking down the street. They spot a $20 bill on the sidewalk. One stoops to pick it up, but the other one says, “Don’t bother; if the bill was real, someone would have picked it up already.” The lesson is clear. A strong belief in efficient markets can disable the investor and make it appear that no research effort can be justified. Do you think there are still enough anomalies in the empirical evidence to justify the search for overpriced/underpricedsecurities? Support your answer with examples and new theories in the context of Efficient Market Hypothesis.Why is market definition important for economic decision making?
- For each STATEMENT, write out the word TRUE or FALSE andprovide a short explanation of your answer.In SpringbokVille pieces of paper called bucks are the only item that buyers give to sellers when they purchase goods and services, so it would be common to use, say, 300 bucks to buy a rugby jersey. Prices are posted in terms of bokkies, so you might walk into a supermarket and see that, today, a rugby ball is worth 40 bokkies. Bokkies decay overnight, so no bokkie has any value for more than 24 hours. In SpringbokVille 1. the bokkie fulfils the unit of account function, but it cannot serve as a store of value. II. bucks fulfil the medium of exchange and unit of account functions. Select one: O a. Statement I is correct. Ob Both statements I and II are incorrect. O c. Statement II is correct. Od Both statements I and II are correct.Why is countertrade considered inefficient?
- mechanics usually have better information about how to fix automobiles than their customers do. What problems does this advantage create? Can mechanics or their customers do anything to limit these problems?It is often costly to obtain the information necessary to make good decisions. Yet, your own interests can best be served by rationally weighing all options available to you. This requires informed decision making. Does this mean that making uninformed decisions is irrational? How do you determine how much information is the right amount?What are some examples of loss aversion in everyday life? (i.e how do we experience loss aversion when shopping for groceries?)
- In your own words, why isn't the cost of producing a product sufficient to predict its market price?Suppose an insurance company wants to charge a very healthy individual a premium of $1,200 a year for health coverage. It also wants to charge a less healthy individual a premium of $3,600 a year for health coverage. It is seeking to ascertain from any given customer information regarding his/her health by asking for several pieces of health-related information, such as doctor assessments of the person’s health, history of health-related problems, etc. The opportunity cost of a very healthy person securing a health report is $250 and the opportunity cost of a less healthy person securing a health report is $650. Of the choices below, how many reports should the company request to best ensure its paying the right premium to the right person? Reconsider the previous health insurance question. Of the choices below, which one is closest to the spread between the minimum possible number of reports and the maximum possible reports to achieve the company’s desired outcome? Reconsider again…Suppose an insurance company wants to charge a very healthy individual a premium of $1,200 a year for health coverage. It also wants to charge a less healthy individual a premium of $3,600 a year for health coverage. It is seeking to ascertain from any given customer information regarding his/her health by asking for several pieces of health-related information, such as doctor assessments of the person's health, history of health-related problems, etc. The opportunity cost of a very healthy person securing a health report is $250 and the opportunity cost of a less healthy person securing a health report is $650. Of the choices below, how many reports should the company request to best ensure its paying the right premium to the right person?