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ABC Firm in Industry Alpha has MC of production = $100 and they know from past experience that their Lerner index is 0.3. XYZ firm in Industry Beta has MC of production = $35 and Lerner index is 0.55. a. Determine optimal price both firms should be charging. b. Which firm is likely to earn more profits in the long run? Explain why the connection between Lerner index and industry concentration made you reach this conclusion.
Firm K is a leading maker of water-proof outerwear. During the winter months, demand for its main line of water-proof coats is given by: P = 800 - .15Q, where P denotes price in dollars and Q is quantity of units sold per month. Find the firm’s profi..
Discuss your perspective on the use of game theory. How do "Nash Equilibrium" and the idea of one "player" impacting another "player" within an organization affect the economic decisions and growth of an organization?
In which of the following areas is the principle of non discrimination being central to GATT evident? Normal trade relations, national treatment, elimination of quotas and quantitative restrictions all of the above
Suppose that you have had a one-hundred dollar bill hidden inside your mattress for the past year. Suppose also that at the beginning of the year, you could have instead used the hundred dollars to purchase a bond that would have given you a real ret..
Why might M1 and M2 grow at very different rates during a given year? If excessively rapid growth in the money supply is associated with all inflationary episodes, why do central banks ever allow the money supply to increase so rapidly?
How many people are unemployed according to the Burea of Labor Statistics? What is the unemployment rate according to the BLS?
Beaver Creek Pottery company is a small crafts operation run by a Native American tribal council. The company employs skilled artisans to produce clay bowls and mugs with authentic Native American designs and colors. The amount of clay available for ..
Consider an open economy with fixed exchange rates. Suppose that foreign goods become more fashionable--that is, the demand for foreign goods at a given exchange rate increases. Describe how this change affects output and the interest rate if: a) the..
A TV manufacturing company estimates that when TVs are sold for x dollars a piece, consumers will bu 8000/x TVs each week. The company also determines that profit is maximized when the selling price x is 1.4 times the cost c of producing each unit. H..
David gets $3 per week to spend. He spends all the money on peanut butter and jelly sandwiches. PB costs 5 cents per ounce and jelly costs 10 cents per ounce. Bread is free. David uses exactly 2 ounces of PB for 1 ounce of jelly on each sandwich. Wha..
Write an Arduino program for an LED connected to pin 3 to blink 7 times with a delay of 0.75 sec, then stays off. Use the FOR loop, and an increment of one. Include your name, date, and description of program at the top under comments. Include comm..
Other things equal, would the formation of a customs union with many members be more likely or less likely to improve welfare for a given member country than the formation of a customs union with only a few members? Other things equal, would the form..
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