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For each of the following schemes, explain the pricing strategy. Is price discrimination involved? If so, how? What does the firm hope to achieve and how does the strategy help achieve it?
A. Many magazines offer multi-year subscriptions at a lower rate than one-year subscriptions.
B. Some firms offer coupons which give a discount on price.
C. Some firms offer loyalty programs (e.g. frequent flyer plans, reward points, etc.).
Define the Law of Supply? Keeping in view the Law of Supply, how the following factors will shift the supply curve? (Each answer must be supported by a neat diagram):
If you sell with a price that is above or below the optimum price, what happens with the consumer surplus? Does your response depend on whether it is perfect competition or perfect monopoly?
One way to understand how the economy works is the circular flow model. This model demonstrates the flow of resources, goods, services, and income between households and business through the resource market and the market for goods and services. Iden..
Evaluate whether each of the following statements is true or false. Explain your answer and provide supporting rationale. The short-run aggregate supply (SAS) curve slopes upward because households spend more as their incomes increase. The long-run a..
The Carolina Christmas Tree Corporation grows and sells 500 Christmas trees. The average cost of production per tree is $50. Each tree sells for a price of $65. The Carolina Christmas Tree Corporation’s total revenues are
Demonstrate the ability to read, understand and assess how social insurance policies influence and are influenced by the prominent economic theories of social welfare.
Assume that the market for wheat is perfect competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by TC = 1+Q+Q2, which results in marginal cost of M C = 1 + 2Q..
Do you think that competition can be counted on to discipline the industrial business firms of a modern economy?
Jane’s sister-in-law, a stockbroker at Invest, Inc., is trying to get Jane to buy the stock of HealthWest, a regional HMO. The stock has a current market price of $25, its last dividend (D0) was $2.00, and the company’s earnings and dividends are exp..
Clearvoice, a wireless telephone monopolist has 100 consumers, each of whom has a monthly demand curve for wireless minutes of Q=300-100P where P is the per-minute price in dollars. The marginal cost of providing wireless service is $0.30 per minute..
What is the smallest per product unit subsidy that must be paid to the monopolist in order to induce it to produce 7 units of its product?
Assume that you are the newly appointed head of the NCAA. Construct a framework for a new scholarship program that would entirely replace the existing system. Describe what should be its tenets if
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