Calculate the average, for each country of kiwi harvest
What will be an ideal response?
The average for each country of kiwi harvest is: 0.5 ? 100 + 0.5 ? 50 = 75 tons of kiwi fruit. However, note that the inhabitants of the two countries never know in advance whether the next year will bring feast or famine.
Economics
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In common value auctions
a. Every bidder know the value of the object being sold b. Each bidder makes their own estimate of the value of the good c. All bidders know the estimates of the others d. The true value of the item differs across bidders
Economics
Because of the free-rider problem,
a. competitive markets will tend to undersupply public goods. b. the federal government spends too much on national defense. c. fireworks displays have become increasingly dangerous. d. poverty has increased.
Economics