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Several questions in this problem set are based on the 8/19/12 Wall Street Journal article "Cartel Pushes Up Price of Rubber." This article is at the end of the module on Antitrust Policy. Try to read the entire article carefully first... and then see if you can answer the questions (rather than fishing out the answer each time). Obviously you will go back and check to make sure you have it correct ... but to absorb the content it is best read it all first before going back.
Why is a rubber cartel feasible (according to what is mentioned in the article)?
A. There are no good substitutes and economies of scale are large - resulting in the need for large-scale production
B. Rubber trees only grow in the tropics and synthetic rubber can not always be substituted
C. Economies of scale are large - resulting in the need for large-scale production and rubber only grows in the tropics
D. All of the answers are correct
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calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?
Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both Camille's and..
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The yearly demand for coffee by U.S. consumers is given by the demand curve QD=250-10P, where Q is quantity.
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Illustrate what is the average value of a loyal customer (VLC) in a target market segment if the average purchase price is $50 per visit, the frequency of repurchase is 12 times per year.
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