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In August 2015 Australian Competition and Consumer Commission (ACCC) dropped its opposition to Qantas-China Eastern alliance and approved the two airlines' cooperation on routes between Australian and China, but the competition regulator remained concerned that the pair could take the advantage of their dominant position on the Sydney-Shanghai route to raise airfares as Qantas and China Eastern Airlines together commanded a market share of more than 80 per cent on this route. Use a graph to show the potential loss in efficiency as a result of the cooperation between the two airlines. Discuss the potential benefits and costs associated with the Qantas/China Eastern alliance
Suppose in a firm, the probability of worker injury is = 1/20. The losses from an injury is $100,000. Suppose the cost of residual uncertainty is $3,000 and the cost from other elements of cost of risk is zero. The value of firm without risk is $2 mi..
Suppose the US can produce a bushel of wheat in 1 hour and a CD player in 10 hours. Thailand can proudce a bushel of wheat in 13 hours and a CD player in 2 hours. According to the law of coparative advantage, who should proudce wheat and who should p..
Given these market characteristics, what is the Lerner Index equal to (as a function of quantity)?
Assume that that students and nonstudents have revealed their group demands for junior college education, a public good, as follows: Q = 1,500 – 0.25P, (Student demand) Q = 4,000 – P, (Nonstudent demand) where Q is the number of students educated per..
The aggregate demand and aggregate supply model is a useful simplification of the macro economy used to explain short-run fluctuations in economic activity around its long-run trend. The vertical axis of a diagram of the aggregate demand and aggregat..
When fiscal policy is used to manage the economy, there are a number of factors that can delay its impact. Which of the following is an example of a recognition lag?
Assume that a nation’s marginal propensity to consume is 0.9, and that its potential GDP exceeds its actual real GDP by $5000. By how much should that nations’ government change taxes in order to completely close that GDP gap?
An increase in the price of sodium carbonate, a chemical compound used in detergents will:
A large wood products company is negotiating a contact to sell plywood overseas. The fixed cost that can be allocated to the production of the plywood is $800,000 per month. For this situation, determine the optimal monthly sales volume for this prod..
A tractor costs $19,195 and will be used for 5 years, at which time its estimated salvage value will be $4,000. Maintenance costs are estimated to be $100 for the first year, increasing by $100 each year thereafter. If i=12%, calculate the equivalent..
Dominant Firm with a Competitive Fringe Suppose that the market demand for oranges is Q = 1000 − 2P , where Q = n ∗ Qf + Qd and Q is the total quantity, Qf is the quantity supplied by a single competitive fringe ?rm and Qd is the quantity supply by t..
Critically analyze the pros and cons of putting a price ceiling on prescription medicine. Make sure to use concepts from the chapter in this unit such as government intervention, inefficiencies, price elasticity, etc. in your answer. In the first cas..
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