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A paper mill discharges gunk that causes damage of $200 to the fishermen's business. The pollution damage can be eliminated in one of two ways: the mill can install a filter at cost $300 or fishermen can install a water treatment plant at cost $100. a) Identify the efficient outcome. Assume the fishermen have property right to no Pollution (and the property right is protected by compensatory damages) b) Construct a game matrix to illustrate the interaction between the factory and the resident. c) Suppose first that it is prohibitively expensive for the mill and fishermen to negotiate. What will the outcomes? d) Suppose instead that the mill and fishermen can bargain costlessly. What will the outcomes be? Note: Apply the Nash bargaining solution where any gain from a bargaining is shared evenly between parties.
Assume monopolizing a service or product of your choice. Discuss how you would go about setting prices for your product or service.
Consider the preferred prices of the authors and publishers of the electronic book, whose marginal cost of production is close to zero? Would the two disagree regarding the price to be charged for book?
In the competitive market at a price of $50 and cost function of C=50+5Q2 find out the maximum profit? Show how the solution was reached.
When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this con..
Your company is trying to decide whether to raise the price of your product from $$7.5 by $0.50 or lower it by $0.50. Given the above information what would you recommend if the sole goal of your firm is to increase the total revenue?
When the CR = 80%, is the market efficient when the market behavior follows the price leadership model?
In the model of a dominant firm, assume that the fringe supply curve is given by Q= -1 + 0.2P, where P is market price and Q is output. Demand is given by Q = 11-P.
One advantage of forming a business as a corporation is: the business is subject to less taxes and fewer government regulations limited liability management can make quick decisions individual stockholders can influence daily business
Suppose the economy is slumping into recession and needs a fiscal policy boost. Voters, however, are opposed to larger federal deficits. What would policy-makers do
Define world allocative efficiency as it relates to regionalism and multilateralism. Discuss the static effects and dynamic effects of customs unions.
The French government has recently increased the retirement age, a decision which is opposed through a large fraction of the French public, especially in students
Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional p..
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