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Q1. An individual wants to start a business at which he expects to make 50,000$. Getting a license for the business costs 35,000$. The chance of getting caught without a license is 1/10, in which case he gets a fine of 50,000 $. Would he get a license if he is risk averse with utility U(x) = √x? What happens if the probability of getting caught increases to ½? Can you propose an alternative to increasing law enforcement?
Q2. As the sales manager of an appliance store, you sometimes visit outlets run by your competitors. Six months ago you noticed that their prices were very close to yours. Yesterday, you observed that their price have decreased and yours have not. Nevertheless your total unit sales have increased over this period. Assuming rational buyers and no deceptive advertising, how can you account for this?
If extension of provisions is made to final goods but not to intermediate goods, what would this do to effective rate of protection (ERP) for country provided by its tariff schedule.
Compute accounting profit. What are the opportunity costs for the manager of being in this business relative to returning to his old job. Illustrate what is the economic profit of the business.
As vice president of sales for a rapidly growing company, you are grappling with the question of expanding the size of your direct sales force.
What is the impact of a tax cut in an economy operating under a fixed exchange rate regime on household spending, interest rates.
Given this risk, how should the column player act. Anticipating the column player's thinking, how should the row player act.
Why should a profit maximizing manager who is setting prices care about elasticity demand curve for a product. Elasticity only accounts for how price changes revenue.
Suppose the store manager observes that the quantity demanded increases from 700 CD players to 1,300 CD players. Illustrate what is the price elasticity of demand for CD players.
quinns video shop has provided you with cross-sectional expenditures data from thirty randomly selected customers data
In what market type would you most prefer to manage a business? Explain why. What skills do you have that would allow you to be especially successful in this market type?
Consider a perfectly competitive market. Analyze and explain in detail using graphical tools to show what you expect to happen to number of firms and firm profitability in the short run and long run.
she a reservation wage of $1,500 so that wage package is W = 1,500 + .2 Q where the CEO sets the incentive at .2 and Q = 200 e. If the CEO increases the incentive from .2 to .25, what happens to the Nelson's effort? Will profits rise or fall?
Which of the subsequent goods also services should be included in Fredonia GDP in 2009
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