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Determine whether integration between the following types of firms would constitute a horizontal, vertical, or conglomerate merger.
Re-draw the budget line, again, indicating the break-even amount. What do you suppose will happen to hours worked compared to b? Explain why using the income and/or substitution effects.
Can you think of reasons why a monopoly might decide on their own to increase production and lower prices to earn an acceptable profit rather than maximize profits?
A price increase from $1 to $2 has an elasticity of supply of 1.50. So how many popsicles will be sold per day in the long run if the price rises to $2 each?
How many rounds of golf and games of curling will Seignior Cruz play in a week? Give an economic interpretation for the value of the Lagrangian Multiplier.
What do these facts say about growth in labor productivity in manufacturing? In your opinion, should policy makers be concerned about the decline in the share of manufacturing employment? Explain.
Suppose that workers in Transylvania can produce only two goods -- yo-yos or sweatsocks. The Transylvanian currency is the daler. In what unit is the opportunity cost of yo-yos measured?
Using your answers from (a) and (b) above, calculate Ivy's price elasticity of demand for books and her cross price elasticity of demand for booze with respect to the price of books.
Washington D.C.'s metro train system is being extended further into the neighboring states of Maryland and Virginia, thereby reducing the cost of commuting into the United States' capital.
Set up the ANOVA table for this population. At alpha= 0.05 level of significance, can we reject the null hypothesis that the three population means are equal?
The accompanying table shows six consumers' willingness to pay (his or her individual marginal benefit) for one MP3 file copy of a Dr. Dre album. What would be the efficient price to charge for a do
Show that at Diane's equilibrium the ratio of the marginal utility of the two goods equals their price ratio. By how much would Diane's utility change if her allowance were reduced by $1.50?
Justify when cutting prices is a good marketing strategy. Using specific data for a firm of your choice show the benefits of such a strategy.
You will likely pay more than if you purchase it six months after release. Explain why this is an example of price discrimination on the part of the firm.
Why is efficiency lost at the extremes, as when substantially more of one good and very little of another is produced?
Explain the rationale and the implications of the new guidelines used by the Department of Justice and the Federal Trade Commission for evaluating proposed mergers.
Analyze and explain in detail using graphical tools to show what you expect to happen to the number of firms and firm profitability in the short run and long run.
The company may introduce a different type of programming that is cheaper for the company to provide yet is equally appealing to customers. Explain what would be the effects of this action.
local residents (both students and other local residents) and visitors to your town. Devise a price discrimination strategy that will increase your revenues compared to a single-pricing strategy.
What is the economic meaning of each of the estimated coefficients? Also test the null hypothesis that this regression line passes through the origin.
Compute both Burton Cummings's explicit costs per month and his implicit costs per month. Compute the opportunity cost of the resources used by Burton Cummings each month.
Calculate accounting profit. What are the opportunity costs for the manager of being in this business relative to returning to his old job? What is the economic profit of the business?
The government imposes a limit on what producers may charge. Cite at least two other ways that consumers may be "paying" for these goods.
Company managers are concerned about the loss on Version Z and are considering ceasing production of that version. Should they do so? Why or why not?
If the price of the cars is currently $20,000 and the dealer wants to increase the quantity demanded from 30 units to 50 units, what must the new price be if the dealer is to sell the 20 additional