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Soft selling occurs when a buyer is skeptical of the usefulness of a product and the seller offers to set a price that depends on realized value. For example, suppose you're trying to sell a company a new accounting system that will reduce costs by 10%. Instead of naming a price, you offer to give them the product in exchange for 50% of their cost savings. Describe the information asymmetry, the adverse selection problem, and why soft selling is a successful signal.
The prisoner's dilemma exercise assumes
According to the product cycle hypothesis, a product will be produced only in an industrialized economy. When
If the government were to increase taxes on gasoline, what will happen to the total government revenue? Why? What are you assuming about the elasticity of the demand curve of gasoline? What is the formula for elasticity? Would the government make mor..
Decision makers expect a 6% increase in the money supply; the actual increase is 3%.What is the current price level?
If a perfectly competitive firm is a price taker, then
Leon Festinger's social comparison theory suggests that we compare ourselves to members of a reference group in order to assess our own behavior. What does your choice of reference groups tell you about the concept of social comparison?
1. explain why work done at home is not incorporated however housing services that are also done at home are
Which of the following describes America's current party system?
There are three firms in an economy: A, B, and C. Firm A buys $400 worth of goods from firm B and $240 worth of goods from firm C, and produces 220 units of output, which it sells at $7 per unit. How much would government get if it introduced an inco..
A firm makes and sells a computer for $1000. The variable cost to produce a computer, for the range of production of the firm, is $3000 per unit. The total fixed costs per year to make the computer are $4.0 million. How many computers must be made an..
The equation for the original demand curve is Q=50-6.25P. Find the new demand equation when demand increases by 20% (Round to one decimal place). Q=___ - ___P. Find the new equilibrium price and quantity after demand increases 20%. P= ___ Q=___ (Roun..
Elucidate what is the implication of the efficiency wage theory for unemployment. In what way are piece rates, commissions, royalties, profit sharing, and stock options substitutes for efficiency wages.
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