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- What do we learn about human behavior by looking at the outcomes of the Dictator Game and the Ultimatum Game? First, describe each game; then describe what the rational result should be according to Neoclassical theory; and finally describe results we see often in real life (and discuss if they differ from what Neoclassical theory/rationality would predict).An endogenous variable is a variable explained by an economic model. An exogenous variable is a variable that is taken as given and is not explained by an economic model. True O FalseConsider the market for pita bread. All else equal, when tastes change such that more people like eating pita bread, we'd expect to see in this market [Select] in equilibrium price and [Select] in equilibrium quantity.
- Consider the two-period model in partialequilibrium, i.e. the endowment economy. Assume that there is a decrease in technology such that the endowment in the first period decreases (relative to standard level, say) but the endowment in the future remains unaffected. Explain graphically and in words the effects of this change on the optimal intertemporal allocation of consumption, assuming that without the endowment change the consumer would have been a lender in the first period. Explain the effects of this change on the intertemporal prices, Disentangle the effects of the overall change in endowment between income and substitution effects.The COVID pandemic has changed where many people are able to do their work at the city or metro-area level. Which of the following best describes the predictions from a Rosen-Roback style model on how separating work (in the model, wage) from location of residence might impact house prices across different areas. O This should put upward pressure on house prices (and population) in traditionally high-wage areas, and downward pressure on house prices (and population) in traditionally high amenity areas. O This should put downward pressure on house prices (and population) in traditionally high-wage areas, and upward pressure on house prices (and population) in traditionally high amenity areas. O This should put upward pressure on house prices across all areas, regardless of the initial factors associated with that area. O This should put downward pressure on house prices across all areas, regardless of the initial factors associated with that area.Question 3 Krugman Model: Suppose that the elasticity of substitution between vari- eties of a differentiated good is o = 3. The marginal cost of production is c = 2, the fixed cost of operating a business is f = 10. There are two countries, H and F, that initally do not trade. The countries differ only in the size of their economies with EH 100 > EF = 50. All the Krugman model assumptions hold regarding preferences, monopolistic competition, free entry, etc. = Starting from the closed economy, answer the following. a. Profits: Using A to denote the level of demand preceived by a typical firm in H, write the typical firm's profit function. Plug in the relevant numbers for the elasticity of substitution, the marginal cost, and the fixed cost, leaving AH as a constant. b. Profit Maximization: Take the derivative of the profit function and solve the first order condition for the optimal price. What is the optimal price charged? c. Free Entry: Now solve for the total number of entrants…
- 1. Write down an exchange economy model with two individuals and two goods, in whichthere is no consumption externality. State and explain the key assumptions of the model.Using the model, answer the following questions:(a) Explain carefully how the concept of Pareto efficiency differs from that of socialwelfare.(b) State the Second Theorem of Welfare Economics and explain carefully why it holds.What is the importance of the assumption of convex preferences to this theorem?E2 Describe the difference between the "endogenous" and the "exogenous" variables of an economic model. Which type of variable is, by construction, independent of all of the other variables in a model? In the supply/demand model of a competitive market which variables are endogenous and which are exogenous (give at least 3 of each type)?why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphically
- - 1 with Imagine that voters and politicians play the following game. A politician who is in office has to decide how much effort e to apply to affect the outcome of some policy. The policy output x has two states, indicated by xh = 1 or xi = 0 re- spectively. In particular, when the politician applies effort e, we have x = probability e and x = 0 with probability 1 e. Moreover, the politician dislikes applying effort, and faces a cost ce²/2. Before the the politician takes a decision, voters tell the politician that they will contribute h to the re-election campaign if x = 1 and if x 0. Finally, if the politician does not like the contract setup, he can walk away and just get some payoff m. = The timing of the game is as follows: 1) Voters offer a take-it-or-leave-it contract {h,1} and politicians choose to accept or not. If not, her outside option is m 2) politicians apply hidden effort e = [0,1] 3) x is realized 4) voters pays w(x) = h,1 and keep x - w(x) 5) payoffs are uv(x) = x =…Which has a good example of an opportunity cost? Which one is an example of economically rational decision-making? 1. "To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. UPS was expensive at the moment for smaller or lightweight packages whereas USPS offered a cheap price for these types of packages. UPS ships more than 220 internationally while USPS ships to certain international destinations. I have chosen USPS over UPS, orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the benefit of UPS shipping. " 2. "To begin, I began selling prints of my pictures in 2019 throughout 2020. USPS and UPS were the options I had during this period to ship out orders. I chose to ship my orders via UPS rather than USPS since it had the choice to ship orders internationally. While USPS is cheap and has fast shipping. Shipping the…openvellu mathxl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld 1Gmail ITMG 1B Econ 2100 三 Homework: Basics ... Question 10, 1.1 Questio... く onomic If Arif can make 20 pizzas or 10 cakes in one day, the opportunity cost of O A. 1 pizza is half a cake. O B. 2 pizzas is 2 cakes. O C. 2 pizzas is 4 cakes. O D. 1 pizza is 2 cakes. O E. one half a pizza is 2 cakes. st