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A firm in a perfectly competitive market invents a new method of production that lowers its marginal costs.
What happens to its output?
What happens to the price it charges?
a. The firm has an employee who threatens to tell all other firms in the industry about how to implement this new technique. Will it be possible to bribe the employee not to do this? Explain why or why not.
b. Why should this employee probably choose to tell only some of the other firms rather than all of them?
c. What factors will determine the best number of firms to sell the secret to? Assume that those who get the information keep the secret instead of selling it to still others.
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James Pizzo is president of a company that is price leader in the industry; that is, it sets the price and the other firms sell all they want at that price.
Suppose that a researcher, using wage data on 250 randomly selected male workers and 280 female workers, estimates the OLS regression Wage = 12.52+2.12× Male,R^2 = 0.06,SER = 4.2, (.23) (0.36) where Wage is measured in dollars per hour and Male is ..
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Discuss the strengths and weaknesses of such an application. In your answer, include a discussion of the three types of demands for money using the Keynesian model.
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Field discusses the key threats to sustainable management of forests and agricultural resources. First summarize these threats. Then,
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Identify two instances in the case study in which employees at Goodrich succumbed to the pressures of conformity. Consider the level at which both groupthink and diffusion of responsibility affected the actions of those involved in the A7D affair,..
Prepare a memo to the managing director that explains the different vehicles available that can be used for each of the Minimize income tax
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