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The New York Times reported that the FDA was holding a hearing to scrutinize the way prescription drugs are marketed to consumers in advertisements. Critics, like then–Senator John Edwards, claimed that's misleading for an ad to show a woman running through a field while the fine print says "may cause serious side effects," said Michael Briggs, the senator's press secretary. "The F.D.A. should require drug manufacturers to provide fair and balanced information about a drug's risks as well as the potential benefits." (Ives, Nat, " F.D.A. ponders pros and cons of the ways prescription drugs are promoted to consumers." New York Times September 29, 2003, late ed.). The hearing, which lasted for two days, was held in Washington, D.C. All comers were permitted to present original research at the hearings. Consumers stand to benefit from more accurate and informative advertising. Accept, for the sake of argument, that the advertisements do create a false impression. Pharmaceutical companies, publishers, and broadcasters have an interest in maintaining the status quo. Imagine these groups (consumers and the relevant industries) as opposing armies. Based on the theory of public choice and political equilibrium presented in Chapter 14, which side of this issue is likely to assemble the stronger force? Explain.
What is the EV(expected value) of option 2? If you are risk-averse, which option should you choose? Explain. Describe two factors discussed in class that lead to competitive imbalance within a sports league. Under what circumstances would an economis..
Suppose a second firm enters the market. let Q1 be the output of the first firm and Q2 be the output of the second. What is the profits of each firm as functions of Q1 and Q2.
Using present value analysis math, discuss the cost and benefit of paying for 4 years of college. Make any assumptions you want about the market interest rates. Use math and discuss. Is going to college worth it?
Norton and Ralph have a utility possibility frontier that is given by the following equation, UR + (UN)^2 = 100. Plot the utilities possibilities frontier on a graph with UR on the vertical axis and UN on the horizontal axis. Derive an equation for t..
If prices increase for an export good and provide an incentive to increase production in an economy with specialized resources, will the higher price always outweigh the increasing opportunity cost of pulling specialized factors away from producing o..
Refer to the following table which gives the demand and cost data for a price-setting firm: What is the maximum amount of profit that this firm can earn? What is the profit-maximizing price?
Vending machines are a popular form of non-store retailing. Why? What types of products have been successfully introduced in such machines in the past ten years or so? And why? Which ones have failed and why?
Suppose that an irish sweepstakes winner deposits $10 million in cash into her transactions account at the bank of America. Assume a reserve requirement of 20 percent and no excess reserves in the banking system prior to this deposit. Show the change..
Price elasticity of demand is an important tool for managers in a selling environment in decision what to put on sale. Discuss how managers of over the counter health care products could use the concepts of elasticity to maximize profit.
Given the following information for the market for McDonalds Quarter Pounder with Cheese large combo meals in Illinois locations: Assume that the minimum wage in Illinois is increased. Carefully explain what will happen to the market for
q1. assume that a leader country has real gdp per capita of 40000 whereas a follower country has a real gdp per capita
Elucidate how much will the government spend in total. Elucidate how much does producer surplus increase.
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