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a) When Kodak leased large photocopiers to businesses, they also bundled a maintenance contract for periodic repairs. Third-party repair firms claimed that Kodak violated antitrust laws because this bundle guaranteed Kodak a monopoly on repairs and excluded competitors’ access. Why might the bundle have created value over what third-party repair shops could offer?
b) Kroger Groceries provides store managers flexibility to determine prices for a number of popular items they carry because demand is affected primarily by local conditions that managers are more aware of. To make sure managers use this discretion wisely, managers are rewarded with bonuses based on quarterly sales. With improvements in data collection and analysis, the “quants” in corporate headquarters can run many small experiments. Doing so allows them to understand nuanced patterns in consumer demand that had been un-noticed previously. How does this affect manager compensation?
c) Explain economic reasoning behind certain industries use of incentive pay versus hourly/salary systems
d) In most departments, Macy’s clerks are paid an hourly rate. As a consequence, they would prefer to spend the time goofing off than helping customers. The store developed a number of policies to combat this preference. For example, supervisors roam the store breaking up congregations of employees who are gossiping. However, with the advent of smartphones, employees can pass the time surfing the web, playing games, or posting to social media. How can Macy’s alter compensation so as to combat this new form of shirking?
Consider the iron ore production industry, and assume that there are just two producers, FM and BHP. Initially assume that both firms are identical in terms of their production costs. If the two firms can cooperate, what should they do in order to ma..
Incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements.
In looking at market structures we often see that monopolies are sole providers of a good or service. In looking at utility companies, why are they typically awarded the ability to be monopoly from government?
Suppose you see a series of loan payments described in factor notation as follows; P = $500(P/A, 2.02%, 24) Further suppose you know that the interest rate i=2.22% is the interest rate per quarter. What then, is the number of years over which this pa..
What is the profit-maximizing price and output level? Solve this algebraically for equilibrium P and Q and also plot the MC, D and MR curves and illustrate the equilibrium point.
In order to financially stimulate the nation, the Federal government injected $900 billion dollars into the economy. However, the results were less than spectacular. One reason could have been a failure to understand the marginal propensity to consum..
Assume that Indonesia is a small open economy. Explain how a decrease in the level of taxes (T ∗ ) in the rest of the world affects the world interest rate, the Indonesian interest rate, level of investment, net exports and net capital outflows in In..
Suppose a monopolist has a constant marginal cost of $20 per unit, and a fixed cost of $100. The demand curve for the product of the monopolist is given by P=100-Q, and its corresponding marginal revenue is given by MR=100-2Q, where Q is the amount o..
Assume that oil prices increase. In the short run we observe.Demand pulls inflation.
Economic growth completely depends on people consuming their income rather than saving and investing. Because patents provide strong incentives to develop new technologies, they tend to help to increase economic growth. Which of the following is not ..
In consumer-directed health insurance plans it is possible to have low levels of deadweight loss from moral hazard, while also having low coinsurance rates and no supply-side restrictions. State policies that mandated the release of physician report ..
The demand for a product is Qd = A - Bp where A and B are positive constants. Suppose when the price is $1, the amount demanded is 60 and the elasticity of demand is -1. What are the values of A and B?
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