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The hospitality industry on the Las Vegas Strip has undergone systematic consolidation. In 2005, MGM Mirage acquired the Mandalay Resort Group. The enlarged MGM Mirage then had 37,180 of the 58,874 large hotel rooms on the Strip, half of the top Strip properties, 44% of the game tables, and 40% of the slot machines.
a. Suppose that the enlarged MGM Mirage would reduce fixed costs. Using the Cournot model, how should other hotels adjust their capacity?
b. Suppose that the enlarged MGM Mirage would reduce the marginal cost of service. Using the Cournot model, how should other hotels adjust their capacity?
c. If the enlarged MGM Mirage exercises capacity leadership, how should other hotels adjust their capacity?
Explain why the government has to be so active in keeping GDP on target in this case.
Walt Disney World Theme Parks offer tourists a wide variety of ticket options. The one thing these ticket options have in common is that they entail a fixed entrance fees and permit consumers to take as several rides as they wish at no additional cha..
Wishwell Tile Corporation uses the number of construction permits issued to help estimate demand. The company collected the following information on yearly sales and number of construction permits issued in its market area:
Ann's only income is her annual college scholarship, which she spends exclusively on gallons of ice cream and books. Last year, when ice cream cost $10 and used books cost $20, Ann spent her $250 scholarship on 5 gallons of ice cream
The DeBeers company is a profit-maximizing monopolist that exercises monopoly power in the distribution of diamonds.
What arguments would you use? What are the weaknesses in those arguments?
How might a critic respond to the claim that taxes always make the allocation of resources less efficient?
Notice that the marginal external benefit is constant at $4 per book, so the gap between the marginal private benefit curve and the marginal social benefit curve is $4.
Historical records show that 70 structures with 800 square feet of floor space and 8 foot ceilings were produced in 1999.Then the materials cost for each structure was $25,000 and the cost capacity factor is 0.65. Cost index values for 1999 and 20..
Provide horizontal and vertical branding solutions - Marketing services of organization
Scientists at Los Alamos are price takers. They can sell patentable ideas for $1. Consider the production of patentable ideas. If the only input is labor (the scientists time), and the scientist could also be earning $10/hour in outside work.
How would you evaluate these two contrasting views, and what are their implications for society?
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