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1. It has been said that if government wishes to tax certain goods, it should tax goods that have inelastic rather than elastic demand. What is the rationale for this? Give examples and elaborate your arguments.
2. How does having a menu that is uniform around the country provide McDonald’s with economies of scale? Why is menu planning made more complex by expanding into other countries?
3. Define “market structure.” What factors are considered in determining the market structure of a particular industry?
4. The Big Mac Price Index computed by the Economist has consistently found the U.S. dollar to be undervalued against some currencies and overvalued against others, which seems to call for a rejection of the purchasing power parity theory. Explain why the index may not be a valid test of the theory.
some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn't matter which side it is, as long as everyone chooses the same side. Otherwise, everyone may get hurt. Is there a Nash equilibrium in this g..
Use the following equations for supply and demand to solve for the market equilibrium price and quantity, and produce a graph for the market. P = 3Qs + 10 P = −2Qd + 30. Suppose that a quota of 2 units is imposed on this market; graphically depict th..
Assume you were just hired for an office position at a Fortune 500 firm. You have $500 to spend on your work clothes. You shopping choices are limited to Old Navy, the Gap or Banana Republic, how do you spend your money and why? The Oprah Curve,” wha..
The Federal Reserve Board is considerining changing its target inflation rate. However, they are concerned about the immediate effect on inflation. Find the sensitivity of equilibrium inflation to a change in the Fed's target inflation rate in the..
Ponder this immigration reform: US citizens are given the right to sell their citizenship to whomever they choose at whatever price they can get. Someone who has sold her US citizenship is no longer permitted to remain in the US without an appropriat..
Examine the role of Fayol's pillars of management and how they may conflict or conversely fit with contemporary organizations and management theories.
Explain how quantity of labour to be hired and wage rate would be determined if input market is perfectly competitive. output market may be either perfectly competitive or imperfectly competitive.
A internet company has a fixed cost of $1,750,000 per month and a variable cost of $25 per month per subscriber. The company charges $45.95 per month to its internet customers. The company currently has 75,000 subscribers and proposes to raise its mo..
Indicate whether each of the following is counted in this year’s GDP: a. you bought a new Wii at GameStop last year and resold it on eBay this year. b. You purchase an “Investing for Dummies” book at Barnes and Noble. c. You purchase a historic home ..
The automobile industry is one of the industries seriously affected by the recession that began in late 2007. General Motors and Ford are among the companies affected by this economic slowdown. They responded, among other measures, by downsizing and ..
The Depository Institutions Deregulation and Monetary Control Act of 1980 did not. Stored value and smart cards are forms of electronic banking. Raising the reserve requirement or the discount rate always decreases the money supply.
Which of the following is a rate that should theoretically serve as a floor for the Fed funds rate? If a security dealer "repos securities," they are a. An increase in the supply of reserves in the banking system leads to an increase in the Fed fund..
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