100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Econ 485 Midterm Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution CA$11.53   Add to cart

Exam (elaborations)

Econ 485 Midterm Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

 5 views  0 purchase
  • Course
  • Institution

Econ 485 Midterm Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

Preview 1 out of 2  pages

  • June 27, 2024
  • 2
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
avatar-seller
Econ 485 Midterm
Transaction Costs: Low - ANS-Coecien bargaining, efficent

Transaction Costs: High - ANS-Non-coecien bargaining, in-efficent

Transaction Costs - ANS--search costs, locate exchange partner
- Barganing costs, time, language barrier, contract costs, hidden info, property rights
-enforcement costs, monitoring costs, punishment mechanism

Damages=externalities - ANS--when one firm or person elects to stay and simply pay off the
other person for the damages, or settle at a certain price.

Coecien Barganing - ANS--50/50 payoff, the two firms meet a mutually beneficial situation and
split the surplus of "x"

When transaction costs are high, damages are more efficient and cheaper than property rights -
ANS-

Agency Pricing Model - ANS-- steve jobs, gets all publisher together, illegal, publisher sets price
at 12.99, 30% goes to retailer
-resets price, most foundation class, apple gets back the best price

Cash For Kidneys - ANS--100,000 for kidneys on the black market, 5,000 deaths a year. why
not just go to the black market or other countries where you can get these ?
- power to rich people, poor to poor, dual state citizenship to get around these laws

-excess demand that is taken advantage of
-

Burberry/Blood Diamond/ Supply manipulation - ANS-- lower quantity of diamond for sale, drives
the price up for those with the diamonds supply
- burberry is burning high quality luxury goods and clothing to limit their supply on what they
believe should be luxurious and exclusive(high priced)

Monopoly diagram - ANS-- demand = Price equation
-marginal revenue, same intercept twice as steep
-mc=q
-one seller, no close substitute, barriers to enter

HIV Epidemic - ANS-No monopoly potential in developing countries, no one can afford their
current price levels...

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Hkane. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$11.53. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81989 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you


CA$11.53
  • (0)
  Add to cart