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1. In March 2002 American Airlines implicitly increased the price for low-priced business tickets. Competitors did not follow the increase. Which non-collusive oligopoly model can better describe what happened?2. When other companies refused to follow the increase, American Airlines made an attempt to gain customers in the competitors' markets by applying aggressive discounts on the tariffs. Assuming that American Airlines was ready to temporarily bear negative profits in these markets in order to enter them, represent graphically this attempt by using the appropriate non-collusive oligopoly model3. The airline market was deeply impacted by the recession of 2008 and by the following slow recovery. Describe graphically what happened in the market due to the recession and to the slow recovery and briefly describe the graph. What can we infer about the characteristics of the demand for flights given that this market was so significantly affected by variations in customers' income? 4. The demand for international flights in the US is, on average, less elastic to price than the demand for domestic flights. The demand for flights decreased during the recession of 2000. During this period the airlines operating internationally recorded a drop in the number of passengers while airlines operating domestically saw an increase. What assumptions can you make about how the airlines' adjusted their prices during the recession and why did the changes lead to these different outcomes in the number of passengers?
Describe each country's reaction function. Does a Cournot equilibrium exist? If so, find the outputs and prices of crude oil in the two countries.
If there are n firms in the marketplace also every firm charges p. Illustrate what is total producer surplus.
Who benefits from a tariff or quota. Who loses. Illustrate what are positives and negatives of protectionist trade policies on federal government's part. Which policy is best right now.
The owners decide to begin spending immediately a rather large sum on advertising designed to decrease elasticity.
illustrate what cost-minimizing combination of K and L will the manufacturer employ for the output levels in part a.
Now she wants to pay off the remaining installments in one lump sum (at the end of 12 months). How much does she owe the furniture store?
Purchase the machine it is currently renting for $150,000. This machine will require $20,000 every year in ongoing maintenance expense.
Explain how does the price elasticity for flu vaccinations change in times when flu is more prevalent versus times when flu is less prevalen.
Assuming that the income effect is negligible, how much will he be hurt if the cost of strawberries goes from $1 a pint to $2 a pint.
Explain what would the cross-wage elasticity between teenagers and adults have a positive or negative sign.
What are the annual accounting costs for the firm described above? What are the annual explicit costs for the firm described above?
Explain in detail rather than general in your recommendation.
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