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New entrants into an industry often find that they must advertise heavily in order to have even a chance of success. Does this mean that advertising is a barrier to entry? What advantage does advertising play? Be sure to answer this question by including specific references to information economics.
When is a producer's self-interest aligned with the social interest? This is one of the major questions addressed by economic theory. The previous chapter explored the behavior of profit – hungry producers in a perfectly competitive market. Suppose s..
positive levels of output and are zero if the monopolist shuts down. If current output level is 5, illustrate what should the monopolist do to increase profits.
Can the government make things worse by intervening in markets? Are there other options outside the markets and government that will fix macroeconomic failure?
Assume that you have $100 to spend on food and clothing. The price of food is $5 and the price of clothing is $10. Graph your budget constraint. Suppose that the government subsidizes clothing such that each unit of clothing is half-price, up to the ..
A rather wealthy man decides to arrange for his descendants to be well educated. He wants each child to have $60,000 for his or her education. He plans to setup a perpetual trust fund so that six children will receive this assistance in each generati..
In 2010 in the country of Arlandia government debt was zero. You know that the government revenue for 2011 was $344, for 2012 was $360, for 2013 was $380. The government outlays for 2011 were $197 and for 2012 were $237. If you know that government d..
You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your “No Haggle” sales policy. Last year, your dealership earned record profits of $1.5 million. In your market, you compete against two other deal..
Complete a one page answer to the following questions. Should the Federal Reserve Board of Governors remain independent? What is the strongest argument on either side?
Will a monopolist's total revenue be larger with second-degree price discrimination when the batches on which it charges a uniform price are larger or smaller? Why?
Think of one situation in which the Government is actively involved with the purpose of changing an outcome in the appropriate market. Do you agree that the Government should be involved? Why or why not?
The appreciation in the dollar's exchange value from 1980 to 1985 made U.S. products (less/more) expensive and foreign products (less/more) expensive, (decreased, increased) U.S. imports and (decreased, increased) U.S. exports.
All Open University Malaysia (OUM) Students are identical and they are all indifferent between attending the OUM and their next best alternative. Students eat are the student union.
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