Nature of the trade-off between richness – Macroeconomics
Please answer each of these five questions (in less than 250 words each; be sure to define and related key economic principles), assemble into one word document and submit via Turnitin. Please do your own work and use any resources available to you; be sure to focus on economic literature and cite appropriately. It is best to not use long direct quotes, but rather to state and cite (following an academic writing style guidelines). Also be very brief in answering each of the questions.
Also, it is important to give at least one real world related example to each of these Questions. Make sure you give proper citations, and references at the end to give proper credit to the authors of the materials you have read to answer these to these questions. Those citations and references should be provided per APA guidelines of writing efficiency.
1. Consider the nature of the trade-off between richness and reach of information. How is the trade-off defined? Give a real world example to qualify for the maximum possible credit.
2. Consider how “Every business is an information business.” Why is this statement and an economic statement? How is this statement relevant to the concept of Information Asymmetry and Moral Hazard. Give a real world example in this context.
3. Research and present one contribution to body of Information Economics knowledge from one of the Nobel Prize winners in Economics (Stigler, Mirrlees, Vickery, Akerloff, Spence, Stiglitz, Hurwicz, Maskin or Myerson).
As an example, how is this topic relevant to the warranty coverage for top brand used car sales market such as BMW, Lexus, Audi, Mercedes-Benz, Infinity, etc?
4. Why is it efficient to limit the duration of patents and copyrights, whereas real property rights endure almost forever? Give an example.
5. Why is individual driver safety records public information? Are they public goods? Why or why not? Give an example to complete your answer?
