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A local union had a long standing practice of accepting only new members who were sponsored by existing members of the union. All of the existing members were white. During a six-year period, the local admitted thirty new members, all of whom were relatives of present members and also white. The Equal Employment Opportunity Commission which estimated that blacks and Hispanics constituted approximately 20 percent of the relevant labor pool filed suit in a federal district court against the union, alleging that this practice constituted discrimination under Title VII. The Union strongly denied any intent to discriminate and stated that most of the 30 new members joined simply because their fathers had been members and because they wanted to follow in their father’s footsteps and “maintain a family tradition”. Should the union be required to change its practice? Why or why not? The answer should address whether the union’s practice is discriminatory and whether it matters that the union had no intention to discriminate.
The initial cost of machinery for producing a certain item is $50,000. The machinery will have a five-year life with no salvage value. The manufacturing process has a fixed cost of $5,000 per year and a variable cost of $16 per unit. At an interest r..
"No firm is completely sheltered from rivals; all firms compete for the consumer dollars. If that is so, then pure monopoly does not exist." Do you agree? Explain. How might you use Chapter 6's concept of cross elasticity of demand to judge whether m..
Currently Lotta £ 95,000 to invest. She faces the following choice: she can buy shares of AstraZeneca and Ericsson. If she invests in AstraZeneca she will lose £ 30,000 with probability 0.5, but with probability 0.4, she will win £ 35,000, while the ..
Assume that the MPC=0.6 for every consumer in the economy. You have just received a tax cut of $20000. How this action by the government will affect your spending plans? What would be the total effect on the economy of this action? (Assume that t=0, ..
Explain why non-governmental organizations (NGOs) like the cooperatives described in the Fair Trade material play an important role in the economic development of developing countries. Why do the governments of these countries require help to protect..
Now suppose one big firm comes and buys out all of the firms in the cartel. This monopoly somehow miraculously is able to perfectly price discriminate. How much will this firm produce? What will be the deadweight loss created by this monopoly?
Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. Calculate your aunt's expe..
In the United States, corn is often used as an ingredient in animal feed for livestock. Why does an increase in the use of corn to make ethanol, an additive that is used in gasoline, raise the price of meat? Use supply and demand curves for the corn ..
Illustrate at what output level would the monopolist produce. Illustrate at what output level would a perfectly competitive firm produce.
How does this relate to idea that diminishing marginal utility must be understood in context? Many people buy too much on their credit cards, even though they knows they will be sorry when y get their bill. Relate this fact to idea of time inconsi..
A marketing firm is considering making up to three new hires. Given its specific needs, the management feels that there is a 60% chance of hiring at least two candidates. There is only a 5% chance that it will not make any hires and a 10% chance that..
The risk-free rate on 30 year U.S. Treasury bonds is 3.25% and the expected rate of return on the overall stock market is 12%. The company has a beta of 1.6. What is the cost of equity?
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