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A few questions in this problem set are based on the comments made by James Love to Congress regarding antitrust policy and the Petroleum industry. These are found at the end of the module on Antitrust Policy. Try to read the entire article carefully first... and then see if you can answer the questions (rather than fishing out the answer each time). Obviously you will go back and check to make sure you have it correct ... but to absorb the content it is best read it all first before going back.
What is it about the petroleum industry that simultaneously prevents entry and fosters joint ventures and other collaborations?
A. High fixed (and sunk) costs
B. All of these are mentioned and significant
C. The high dependence on patent holding by those already in the industry
D. The licensing requirements prior to entering
If workers enroll in a savings plan and are asked to check a box to opt out of it, we are seeing an example of a nudge involving:
Elucidate why a system of marketable polution permits leads to less costly pollution abatement and a higher concentration of polluted areas tha a command - and control system.
Illustrate the price that consumers are willing and able to pay for this output is $40 per unit. Produces this output, the firm's average total cost is $43 per unit, and its average fixed cost is $8 per unit.
As the manager of smith construction you need to decide on the number of homes to build in a new residential area where you are the only builder. How many homes should you build and what profits can you expect.
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
Explain briefly why the sellers and buyers are each willing to do so. What is the total cost of pollution reduction in this situation.
Real wealth which capitalists pull out of market must somewhere enter market. What is this hidden mechanism.
What are some more common restrictions on the activities of multinational corporations in host countries? Your 200 word answer should focus on selecting and organizing your most relevant comments in a coherent fashion
Describe and label substitution effect and income effect. How has welfare of representative consumer in Peru changed with increasing world relative prices.
Briefly define the following terms. Tariff escalation, Optimal tariff rate, Ad valorem tariff equivalent, Voluntary export restraint (VER), Terms of trade effect (of subsidy), Harmonized System (HS) of commodity Classification, Common external tariff..
in managerial economics applications strategy and tactics if contract promises were not excused because of acts of war
The demand for bread will fall if more Americans go on a low diet. The cost of bread will fall due to the decrease in the demand for bread.
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