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Monopolistically competitive firms try to differentiate their products in order to eliminate substitutes. What are the comparable measures that can be taken in labor markets to decrease the number of “substitutes” for some types of labor? What are the measures? Can you provide an example?
The economy has recently turned around, and one of your colleagues suggests that you could hire 25 people for $50,000 per employee to do the sales job as independent agents at a cost of goods sold (COGS) of only 0.5%. What concerns might you have abo..
Using the debt-relief Laffer curve, make the case that debt relief can be in the best interest of both the developing and developed countries.
Suppose that you go to "In and Out Burger" on your birthday to get a burger and find out that your first burger is $1 off if it is your birthday. In 2 sentences or less, indicate how total surplus is affected and justify your answer.
Assume you ordered two Bose speakers for your home theater system from Sound Technologies, Inc. in New York. Sound Technologies shipped the speakers to you via UPS, C.O.D. (collect on delivery). You did not agree to a C.O.D. shipment of the speakers...
A profit-maximizing monopolist named Billy faces an inverse demand function described by the equation p(y) = 40 - y and his total costs are c(y) = 7y, where prices and costs are measured in dollars. In the past Billy was not taxed, but now he must pa..
“If the legal standard of care in a negligence rule is necessarily vague, the court should set it below the level of efficient precaution.” Explain the economic argument in favor of this proposition. Doctors are liable when their negligence injures p..
How did Samsung’s unveiling of the galaxy S5 affect the demand for the S4? What determinant(s) of demand changed? How did Wal-Mart’s price cut compensate?
Denise and Christy have the same preferences and incomes. Just as Denise arrived at the theater to see a play, she discovered that she had lost the $20 ticket she had purchased earlier. If both Denise and Christy are rational and both have enough mon..
What personal qualities does Vanderbilt possess that help to explain his success? How does Vanderbilt use his businesses’ resources to defeat his rivals? What triggers the sell off of rival rail roads’ shares? How does Vanderbilt try to get control o..
Research the following types of organizations "Nonprofit, For-profit, Political and Government and International", identify key concerns for each and provide example of each type of organization: What are some issues that concern International Organi..
Based on what you have studied so far in this course, discuss and describe some aspects of macroeconomics that an be useful in your future (...yes, it can be aything we discussed in this course - Macroeconomics). Your discussion should be more than h..
The market demand for labor curve is correctly described by which of the following
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