Answer each of these five questions (in less than 250 words each;
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?