"the state of connecticut will contribute about one thirty-eighth; her proper quota would be about one thirteenth. here then is a saving of two-thirds to the state of connecticut; and in that proportion is her situation better under the new constitution than the old. taking the states eastward of new-york altogether, that the gentlemen say are rendered incapable of bearing the [burden] of the state debts, by the adoption of the new constitution; i say, take the whole together, and they will contribute about a sixth only; whereas they would have had to contribute a fourth, if this constitution had not been established, and they had paid their part of the debt of the united states." - james madison, 1790 how was the disagreement as outlined in the excerpt ultimately solved?

Consider a two-firm industry. firm 1 (the incumbent) chooses a level of output q1. firm 2 (the potential entrant) observes q1 and then chooses its level of output q2. the demand for the product is p = 100 - q, where q is the total output sold by the two firms which equals q1 +q2. assume that the marginal cost of each firm is zero. a) find the subgame perfect equilibrium levels of q1 and q2 keeping in mind that firm 1 chooses q1 first and firm 2 observes q1 and chooses its q2. find the profits of the two firms-? 1 and ? 2- in the subgame perfect equilibrium. how do these numbers differ from the cournot equilibrium? b) for what level of q1 would firm 2 be deterred from entering? would a rational firm 1 have an incentive to choose this level of q1? which entry condition does this market have: blockaded, deterred, or accommodated? now suppose that firm 2 has to incur a fixed cost of entry, f > 0. c) for what values of f will entry be blockaded? d) find out the entry deterring level of q1, denoted by q1b, as a function of f. next, derive the expression for firm 1

He set of companies a product goes through on the way to the consumer is called the a. economic utility b. cottage industry c. market saturation d. distribution chain

What happens when a bank is required to hold more money in reserve?