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Competitive Trends in the U.S. Economy William Shepherd's study of U.S. industries showed a clear increase in competition. How did Shepherd explain this trend?
Why would the government be opposed to a merger of two firms? How does the Justice Department decide which mergers to challenge?
Which of these theories best describes the case of airline deregulation? Which best explains the government's case against Microsoft?
What is the regulatory dilemma? That is, what trade-offs do regulators have to consider when deciding how to control a natural monopoly?
Government Regulation What three types of government policies are used to alter or control firm behavior?
How would changes in the supply of fertilizer affect the marginal product, and thus the income, of farmers in such countries?
How is this practice related to diminishing marginal utility? What restrictions must the restaurant impose on the customer to make a profit?
But so many jobs were lost in the boat-building industry that the measure was finally repealed. What did Congress get wrong in imposing this luxury tax?
Under what conditions of demand and supply elasticities does this occur? Under what conditions is little of the tax passed on to consumers?
By how much would farm income change compared to what it would have been without government intervention?
What areas in the figure would you use to illustrate the net change in farmers' total revenue as a result of the increase in supply?
By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?
Which types of taxes are most important at each level of government? Which two taxes provide the most revenue to the federal government?
Use your understanding of opportunity cost to explain the idea that the Canadian province of Ontario has a comparative advantage in the financial sector.
Economic Systems The United States is best described as having a mixed economy. What are some elements of command in the U.S. economy?
Given that the Arrow-Pratt measure of absolute risk-aversion is a constant, derive the corresponding form of the von Neumann-Morgenstern utility function.
Is she buying the utility-maximizing combination of bread and milk? If not, how should she reallocate her expenditures between the two goods?
"Given the difficulties that the regulation of public utilities faces, wouldn't be better to nationalize public utilities, as some European countries have done?
Find the Walrasian equilibrium of this economy. Then find another allocation which Pareto-dominates the equilibrium allocation.
Solve for the optimal choice. Graph this solution. How many hours of work is the consumer working? What is her income?
Show that, in a second-price sealed bid auction with private values, bidders bid their true valuations of the object for auction.
The substitution effect causes a consumer to buy less of a product when its price rises because the:
According to the law of comparative advantage, an individual should produce a good if he or she
Under which of the following market conditions is it most difficult to maintain a cartel agreement?
Do you believe consumers do behave rationally? Is so, how do you explain impulse buying, buying as a result of advertising.