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a) The 2010 oil spill in the Gulf of Mexico caused the oil firm BP and the US government to greatly increase purchases of boat services, various oil absorbing materials, and others to minimize damage from the spill. Use side-by-side firm and market diagrams to show the effect of such shift in demand in one such industry in both short run and long run.
b) The 1995 North American Free Trade Agreement provides for two-way, long-haul trucking across the US-Mexican border. US truckers have objected arguing that the Mexican trucks don't have to meet the same environmental and safety standards as US trucks. They are concerned that the combination of these lower fixed costs and lower Mexican wages will result in Mexican drivers taking business from them.
What would be the short-run and long-run effects of allowing entry of Mexican drivers on market price, quantity and the number of US truckers?
If you were starting a soap business (laundry soap), what strategy would you use to compete with Procter & Gamble and Clorox ? How would you reach your target market? How and where would you advertise? We talk about the power of word of mouth-how do ..
Nicole sells cupcakes. She knows that if she charges $1 per cupcake, she will be able to sell 100 cupcakes. She also knows that if for every 25 cents she raises the price, she will lose ten customers. How much should she charge in order to make the m..
To be effective, an item used as money should serve several functions. Select the statement that best describes money's function as a standard of deferred payment. a. That a currency can be used to express the value goods and services that are both r..
You face a market of 30,000 buyers divided into 2 segments (A and B). The two segments are potentially different. From each segment you have picked a random sample and offered them a price. Assume that the demand curve(s), as usual, is a straight lin..
A condition necessary for a market to achieve economic efficiency is that the market:
Suppose the government reduces the current tax burden of households today by sending a tax rebate by mail. Assume that the government pays for this tax rebate by borrowing today but will have to increase taxes in the future. What happens to desired p..
Research a company that has been in the news for a significant business decision within the last 18 months. Summarize the decision that was made, and state your opinion on whether it was a good or bad move for the company. Post a link to the article ..
Identify and describe an incentive conflict at your business or somewhere you have worked or attended school. What would you change to resolve the conflict?
Alan accepted an invitation from his friend Donald to attend a baseball game. The seats Donald had purchased were very good, a few rows up from the field, and just past first base. Alan actually knew nothing about baseball. Advise what arguments Alan..
Irish is on the Venice Strip in Los Angeles selling necklaces. He is one of over 100 necklaces suppliers on the Venice strip, and there are naturally many potential buyers that stroll along the strip every day. Futhermore, for the average person, Iri..
Firms often face the problem of allocating an input in fixed supply among different products. Find theoptimal crude oil allocationfor the following example if the profit associated with square foot of fiber is cut to $0.375, while the profit asso..
Can goals like avoiding unethical or illegal behavior be in conflict with the goal of the firm. Explain how does this complicate the agency problem.
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