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1. Fresh from a successful marketing and financing campaign, you suggest that your client think about charging different prices to different customers. Why might your client wish to do that? Explain in detail.
2. You are on the road and stop at a restaurant where you have never eaten before and will never eat again. The waiter also knows that you are a complete stranger and will never see you again after this meal. Both of you only care about yourselves and not the other. You and the waiter both know that you will not tip him if the service is bad.
The waiter has the first move; should he provide you with good service or not. You have the second move; if the waiter provides you with good service, will you tip him or not. The payoffs at the end of this "Timing Game" are: 20 each for you and the waiter if the service is good and you tip. 30 for you and -5 for the waiter if the service is good but you don't tip. And 10 for the waiter and only 5 for you if the service is bad.
(a) Explain why the waiter will provide bad service.
(b) Since you are interested in good service, can you convince the waiter, in a binding/credible manner that you will tip him?
(c) If you both live in a "moral" society where everyone is ethical, how does that make your decision easier?
Suppose a monopolist producing Q units of output faces the demand curve P = 20 - Q. Its total cost when producing Q units of output is TC = F + Q2, where F is a fixed cost. The marginal cost is MC = 2Q.
The upper graph is for perfectly competitive firm. The lower graph is for the monoploist. Employ the graphs to answer the following questions: What is the firm's Total Revenue?
hat kind of demand does walmart's products have? Does it vary by season? What market segment does Walmart target?
Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.
Develop a preliminary SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis for QMC. Because this is a new target market with a smaller computer, you want to make sure you are including your current customers. Be sure to consider your com..
Consider a demand curve of the form qd=20-2p where qd is the quantity demanded of goods and p is the price o the good. also consider a supply curve of form
Sometimes, a bidder on a work contract may bid lower than what would maximize his/her profit from the contract and the reason for that is to create goodwill.
What are the economic benefits of the flu shot and in what ways has the government become involved in the distribution of flu shots?
Suppose that there is a cultural shift in America emphasizing the importance of saving money as opposed to current consumption. a.) Illustrate the impact on the interest rate in the market for loanable funds. What direction does the interest ra..
course description a development of value and distribution theories. detailed analysis of the reactions of consuming
Government is known to utilize a product's elasticity measures to set taxes and subsidies. Use this information to set policy on one of the following products: tobacco products, petroleum products, agriculture products, or medical products according ..
The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor that this profit-maximizing firm will hire,or what wage rate will it pay.
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