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1. Define marginal revenue. Explain why marginal revenue is less than price when demand curves slope downward.
2. In 1991, Rochester, New York, had a serious ice storm. Electric power was out in houses for days. The demand for power generators increased dramatically. Yet the local merchants did not increase their prices, even though they could have sold the units for substantially higher prices. Why do you think the merchants adopted this policy?
Where Q is the number of cars washed per hour and L is the number of people employed per hour. The firm receives $5 for each car washed, and the hourly wage rate for each person employed is $4.50. The cost of other inputs like water is trivial; hence..
Pratt or Julian Barbeque is a small restaruant in Columbia, Missouri. They employ 4-part time employees earning $48 per day.
1.What is meant by the principal agent problem? Give two examples of this problem that you havecome across in your own experience.
What recommendations would you offer to top management at Bob's Manufacturing Company to preempt or minimize problems with the new reward system?
Find Martina's optimal effort level. Now assume that Xerox compensates Martina based on her sales relative to the average sales for salespeople in the company.
Briefly define the Laws of Demand and Supply and how these Laws can answer fundamental economic question and what other methods can you think of for allocation of resources?
Why might it be value increasing for the firm to make Kraft accountable for such events. It is true that she cannot control those events.
1.Should regulators of utilities that have been privatised into several separate companies allow?
How can adaptive expectations of inflation result in clockwise Phillips loops? Why would these loops not be completely regular?
An article in BusinessWeek warned of the dangers of deflation as the collapse of numerous Asian economies was creating worries that Asia might try to "export its way out of trouble" by oversupplying everything from automobiles to semiconductors.
What will be the effects on the domestic economy under free-floating exchange rates if there is a rapid expansion in world economic activity? What will determine the size of these effects?
Administrators at a university are considering to offer a summer seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the machine.
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