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Massive cigarette advertising on television was commonplace until laws prohibiting such advertising were introduced in the early 1970's. Imagine prior to such legislation that there were only two brands: Camels and Marlboros sold by two firms in a non-zero sum game.
The two "strategy choices" were limited advertising (low) and massive advertising (high).
How might prohibitions on advertising affect the cigarette industry in the short run, and in the long run using a Prisoner's Dilemma sort of argument.
The bank is constructing a new Internet banking strategy to entice new consumers to sign up. Your manager has asked you to contribute to this strategy through describing how money works.
Suppose initially that the demand supply for premium coffees is in equilibrium. Now suppose Starbucks introduces the world premium blends, demand increase substantially.
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
What is average productivity? What is marginal productivity? Explain the relationship between average and marginal productivity. What would happen to average and marginal productivity if a technological innovation were introduced to the production..
Explain two different markets where has been a market disequilibrium. That is, there is a shortage or a surplus. Briefly explain the supply and demand curve.
Determine what effect should each of following have upon demand for profitable music players in a competitive market?
Examine the basis for the trends in consumption patterns, as discussed in any article and explain what has occurred to change the demand for, or the supply of, the products, and market prices of those products.
Sketch a production possibilities curve (not a straight line), with consumer goods on the horizontal axis and capital goods on the vertical axis.
Suppose that the economy is already in recession, and both President and Congress have declared to do something to restore the economy.
Discuss and explain the major barriers to entry into a industry. Describe how each barrier can foster monopoly or oligopoly.
Suppose an economy of two firms and two consumers. The two firms pollute. Firm 1 has a marginal savings function of MS1(e) = 5-e where e is the quantity of emissions from the firm.
Recognize similarities and differences among common goods, public goods, private goods, and natural monopolies.
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