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The welfare economics of successful predatory pricing is complicated, because consumers benefit in the short run from the low prices, then lose out in the long run if the predator is able to reestablish monopoly prices. Discuss the possible welfare effects of predatory pricing in the following cases:
(a) The case against American Airlines outlined in the chapter opener.
(b) A case involving a network industry. For example, the government's case against Microsoft alleges that the company priced its web browser at zero as a predatory strategy designed to eliminate its only rival, Netscape.
(c) A case involving learning economies.
Why do you think consumers respond to the "Buy One Get One Half Off" sales promotion and what principle of economics does this behavior reflect?
A restaurant with $1 million in annual sales has costs of $350,000 in wages, $450,000 for food, utilities and other supplies, and $100,000 in rent. How much is this restaurant contributing to GDP?
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Consider an individual possessing a utility function (measured in "utils") over annual employment income M (measured in dollars) given by U(M) =10-13M3-(6)10-8M2+(1.5)10-2M. Graph U(M) for 0 ≤ M ≤ 400,000 in an appropriate diagram. Determine the ..
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