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1. You compete with many firms offering similar products (monopolistic competition). An economic consulting firm has estimated the own-price elasticity for your most profitable product is -1.50. Your marginal cost is constant at $75 across most of your production volume capability. What price will maximize profits? Show the computation.
2. Define the 3 types of price discrimination and explain why 1st degree discrimination is very difficult to practice. Provide 1 example where a form of 1st degree discrimination is practiced.
3. Complete and label the diagram showing the numbers of seats sold and price for leisure and business passengers. Answer the following questions: a. If the price of fuel increases modestly, will fares increase? b. Are all seats sold? If not, wouldn’t the airline make more money by selling more seats at a lower price?
4. Explain the conditions necessary for a firm to practice 3rd degree price discrimination and using airline conditions as examples.
5. Wall-Mart offers to match the price of any competitor. Why is this guarantee not necessarily a benefit to consumers?
q.assume which the economy is in a long-run equilibrium.a- draw a diagram to illustrate the state of the economy .be
Write down the profit maximization problem for the rm.
Suppose Alan’s preferences are described by the utility function: Find the equation for Alan’s indifference curve through the bundle (3, 6).
Lasso Capital has been experiencing increasing demand from its institutional clients for information and assistance related to international investment management. Identify and briefly discuss three reasons for adding international securities to the ..
A manager from a developing country is overseeing a multinational's operations in a country where drug trafficking and lawlessness are rife. One day, a representative of a local "big man" approaches the manager and asks for a "donation" to help the "..
In tight housing markets rent controls are often applied to hold price of housing to a reasonable level. How does this policy affect the relative gains of tenants and landlords and the allocative function of prices— (answers) it prevents landlords fr..
What difference did the Calvinist notion of predestination play such a critical role in the accumulation of capital in countries such as Switzerland, the Netherlands and Great Britain?
How would decreasing an import tariff on a good affect producer surplus in a nation that imports that good? In international trade, what is a tariff? What will occur if a nation opens itself to trade in a good and becomes an exporter?
Two firms compete in quantities, selling identical goods, facing the demand function P(Q) = 130−q1− q2 where qi is the output level of firm i. Assume that firm 1 is more efficient than firm 2, MC1(q) = 10 and MC2(q) = 20. Find the NE quantities of th..
A company that manufactures ultrasonic wind sensors invested $1.5 million, 2 years ago to acquire part ownership in an innovative chip-making company. How long would it take (from the date of the initial investment) for its share of the chip company ..
illustrate the effect of capital formation by comparing the production possibilities curves with the present time and one in ten years time, for two different eonomies, one with a high rate of capital formation, and the other with a low rate of ca..
Explain how meeting-competition clauses may serve as an enforcement mechanism for price-fixing agreements of cartels.
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