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Milton Friedman once argued that a corporation's responsibility is to make as much money for its stockholders as possible. Friedman states that, therefore, any action by executives towards establishing or contributing to social programs amounts to spending someone else's money. Do you agree, or can corporate social responsibility be consistent with profit maximization? Support your answer.
You are the manager of a firm that competes against four other firms by bidding for government contracts. While you believe your product is better than the competition.If this legislation is passed, by how much should you expect your profits to chang..
explain how and why a monopolist would try to price-discriminate: Providing air travel for business people and tourists; A fast-food restaurant that serves business people and retired people
Given the Federal Trade Commission's approval of Nestle's acquisition of Dreyer's Grand Ice Cream Inc., two multinationals, Nestle SA and Unilever prepared to engage in ice cream wars. Describe how ice cream industry fits the oligopoly model. How doe..
In this table below, Agoira moves from a command system to a market system
It is impossible for a price change to cause no substitution, income, or toal effects. If you believe the statement is false, sketch a graph demonstrating how a price change could cause no substitution, income, or total effects. A large pharmaceutica..
ADVANCED ANALYSIS Currently, at a price of $2 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $2 to $4 is unit-elastic (Es = 1). In the long run, a..
Use your knowledge of the problems associated with asymmetric information to elucidate why insurance companies often include deductibles as part of their policies.
Adam Smith, usually referred to as the father of economics, expounded the theory of free markets and opposed any form of concentration of economic power. What are some of the reasons for this failure? Has government intervention into competitive mark..
Little confused on finding Consumer Surplus, Producer Surplus and Tax Revenue when tax is involved. I’m use to seeing the supply and demand lines extending to the y axis so i can find out the CS and PS easily by taking the area of the triangles betwe..
SHOW THE MATH: You are given the following data concerning Freedonia, a legendary country: What is the marginal propensity to consume in Freedonia, and what is the marginal propensity to save? Calculate the saving function for Freedonia. Plot this sa..
A firm with private marginal cost PMC and average unsunk cost AUC is producing Q units and selling them at a price P, where P > PMC(Q) and P > AUC(Q + 1). The firm could make more profit if it could sell more at the same price P per unit. Explain why..
Suppose the production of Crocs is characterized by the production function Q = LK , where Q represents the number of pairs of Crocs produced. Suppose that the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost-mini..
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