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In Britain price competition among book- shops has been suppressed for over 100 years by the Net Book Agreement (of 1900), which was aimed at preventing price wars. However, in October 1991 Waterstone and Company began cutting book prices at its 85 British shops. According to Richard Barker, Waterstone's operations director, the decision to reduce the price of about 40 titles by about 25% was due to price cuts by Dillons, Waterstone's principal rival.
a. According to the president of Britain's Publishers Association, the price-cutting was "an enormous pity" that will "damage many booksellers who operate on very slim margins." Does this mean that pricecutting of this sort is contrary to the public interest?
b. Why would Dillons want to cut prices? Under what circumstances would this be a good strategy? Under what circumstances would it be a mistake?
The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent..
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How much will computers sales change by if the company increases computer price by $100 from $1,000 to $1,100.
We would expect the coefficient of cross elasticity of demand for DVD players also DVDs to be positive.
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Define and describe the elasticity of substitution between two factors of production. How might a change in the elasticity of substitution between labour and capital affect the shape of the demand curve for labour?
If the initial investment is a project is $100,000 and the expected annual net profit for the project is $20,000, the payback period is:
An in-kind transfer is a subsidy A. Of a specific consumption good. B. Repaid by services rather than income. C. Motivated by kindness rather than paternalism in the sense that the subsidized good is not a merit good. D. Organized through the governm..
Everything else equal, when the market supply curve shifts inward, consumer surplus. Everything else equal, given an upward sloping supply curve, if the market demand curve were to shift outward, producer surplus
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