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Predation
a) What is predation? What is the Chicago school criticism of predation and what is the counterargument to this criticism? Give four non-predatory reasons as to why firms respond aggressively to entry. Is there any evidence that can allow one to distinguish between a predatory and a non-predatory response to entry? Does predation reduce social welfare?
b) In the airline industry Northwest (i) responded to entry by dropping prices and adding capacity and (ii) responded to exit by raising prices and reducing capacity. Explain whether these actions consistent with non-predatory Cournot behavior, predation or both.
c) In the gas station industry the growth of market share of low cost supermarket chains resulted in the exit of 5000 gas stations and in a fall in the average gross margin. Explain whether this evidence is consistent with non-predatory Cournot behavior, predation or both?
A company produces x units of commodity A and y units of commodity B each hour. The company can sell all of its units when commodity A sells for p=90−5x dollars per unit and commodity B sells for q=70−4y dollars per unit. The cost (in dollars) of pro..
Taylor, a securities lawyer for a major Wall Street law firm, worked on numerous successful takeover bids of companies listed on the New York Stock Exchange. Rogers and Price defend that they were merely acting on stock market tips received from a pe..
Firms that can identify two types of consumers can price-discriminate perfectly. Firms can price-discriminate only if there is zero competition in the market. Firms that price-discriminate will not reach higher profits.
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We use percent-changes in the formula for estimating the price elasticity of demand coefficient in order to:
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Given that Utilitarianism would have us judge an action based on the consequences it produces, why does Mill reject the idea that Utilitarianism entails that we should just do whatever is expedient in the moment or on some particular occasion? how do..
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Suppose that Iggi and Kurt begin trading ice cream and waffle cones with each other. Elucidate price of waffle cones (in terms of ice cream scoops) would benefit both Iggi and Kurt and make both individuals willing to trade.
Project ABC requires a $22,382 expense every third year forever, with the first expense occurring at EOY 3. What is the capitalized worth of Project ABC is t=15% annually?
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