Alchian (1950) quotes Tintner who advanced the most powerful argument against the neoclassical assumption of highly rational, profit maximizing entrepreneurs. Tintner’s proof contained which argument(s):
I have been trying to find the answer to this problem for hours. I’ve tried every possible one and it isn’t working please help me.The production possibilities frontier illustratesSelect one:a. the combinations of output that an economy should produce. b. the combinations of output that an economy should consume. c. the combinations of output that […]
Consider a two-period model of small open economy with endowment (i.e. without production). We assume that the world interest rate is fixed at zero, (r ∗ = 0). A representative household’s preferences are given by u(C1) + Eu(C2) where E denotes expected value. They maximize the expected lifetime utility subject to the period budget constraints. […]
Using the Supply-Demand model, Economic Analysis, and a short paragraph, explain what will happen to the price and quantity of the mobile phone Galaxy S-6 at equilibrium if Galaxy lowers the price (worldwide).
Which is not a barrier to solving the free rider problem in the provision of public goods?
Suppose many potential donors reduce their annual gift in response to government grants to local medical research projects. This is an example of the problem associated with:
If a good becomes less valuable as a result of one consumer’s use of the good, but does not become worthless to other consumers, that good is:
In a 2009 article, “Operating on Commission: Analyzing How Physicians Financial Incentives Affect Surgery Rates,” Jason Shafrin compared surgery rates for insured patients whose physicians were compensated on a per-capita basis (capitation) with those whose physicians were paid on a fee-for-service (FFS). He found that changing from capitation to FFS led to a 78% increase (sic!)in […]
It is very difficult for amateurs to evaluate puppies so people without additional information tend to expect each to be an average or typical example of its breed, if known, or a general mix of breed characteristics if a mongrel. There are four primary markets for puppies: purebred breeders, dog pound rescue, retail pet shops, […]
