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Suppose the CEO comes up to us one day. (He's friendly enough, but given some of his ideas, you're starting to dread these conversations.) "Hey. I have an idea," the CEO begins. You brace yourself and smile. "Oh yeah?" He nods affirmatively and begins. "I say we increase the price of our dry cleaning fluid by five percent tomorrow." "Why is that? Things are looking pretty good for us right now." He shakes off your reassurance. "Yeah, but we can do better. You know Bobby's place, just down the road?" You start to feel a sense of dread. Bobby is a competitor of your company in the dry cleaning market. He also has a less-than-stellar reputation in the business community. "Of course. I know Bobby's Chemical Solutions. They produce dry cleaner fluid just like we do." "Yep. And he and I have been talking. We're the only companies in the tri-state area who supply enough dry cleaning fluid to local companies. Transportation costs of all our other competitors are too high for them to supply the dry cleaners." You're impressed. Your boss has been doing some research on the industry. He continues. "So Bobby and I had dinner last night after the Chamber of Commerce meeting. We'll both increase our prices by five percent starting tomorrow, and we'll be able to make a fortune." "What happens if the government investigates why we increased our prices at the same time that Bobby did?" you state. "Collusion is illegal, and the government is rather serious about it." The CEO smiles. "It's ok. We didn't put anything down in writing. If the government investigates, we'll just say we're changing our prices due to evolving market conditions. If Bobby would have to respond to a new economic environment, then so would we! This is foolproof!" What would we tell to our CEO to convince him not to pursue this course of action? Try to play to his economic side instead of his legal sensibilities.
1. Government spending fluctuates less than spending by households and spending by firms on investment. Explain.
You want to expand your garage. A contractor, who was highly recommended, says that he will do the whole job (new roof, automatic garage door, insulation and more) for $55,000. He offers you two choices: At what monthly bank interest rate would the t..
How is the Unemployment Rate Calculated? Why is it important to know about the Unemployment Rate in studying Macroeconomics?
Calculate the price elasticity of demand for The Times between October 1993 and March 1994, and between October 1993 and January 1996.
In regards to human activities, identify and explain at least one practical thing that human beings can do on a regular basis to reduce negative effects associated with climate change.
1. What is the duration of a 3-year bond that pays annual coupons of 3% only in years 1 and 3 with a yield to maturity of 15%? 2. What is the approximate linear yield to maturity on a 7-year bond with a face value of $100 and a 4% annual coupon sel..
Suppose you purchased a ticket to a concert for $30 a month ago. Last week someone invited you to a party on the same night as the concert. You would much rather go to the party than the concert. You have tried unsuccessfully to sell the concert tick..
Eddie's Precision machine shop is insured for $700,000. The present yearly insurance premium is $1.00 per $100 of coverage. A sprinkler system with an estimated life of 20 years and no salvage value can be installed for $20,000. what is the present w..
Suppose that the price level is fixed in the short run so that the economy doesn't reach general equilibrium immediately after a change in the economy. For each of the following changes, what are the short-run effects on the real interest rate and ou..
How does your personal decision-making process differ from what you learned about planning and budgeting in health care?
How do I find the level of significance used, Z score corresponding to desired confidence level, error bound of proportion.
Why can't the monetary authority use its control over nominal quantities to peg a real quantity? (but only the nominal quantity?)
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