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1. What type of compensation policy would you expect to observe in an industry with rapidly changing technology? Explain.
2. Suppose you are the owner-operator of a gas station in a small town. Over the past 20 years, you and your rival successfully kept prices at a very high level. You recently learned that your rival retiring and closing his station in two weeks. What should you do today?
3. What is a market failure? Explain how externalities, public goods and asymmetric information are all problems with private property rights.
4. "The government should not be sole provider of a good or service unless there is a compelling reason." What compelling reason? Would you agree that issuing drivers licenses must be left to the government?
5. What does it mean to say "Profit opportunities attarct firms like sharks to blood?
6. Suppose a firm is selling a product for less than a foreign country does in the home country and an antidumping suit forces an end to the practice. Is it possible that the result is a loss in effciency? Explain.
7. Explain why rent-seeking competition tends to dissipate rents-to drive them down so that there are no abnormal rents.
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
Which of following is necessarily true regarding total utility (TU) and marginal utility (MU)?Newspaper vending machines are often built so that customers can pay to lift a door and take a paper off a pile of daily newspapers. Newspaper distributor..
The manager of the aerospace division of General Aeronautics has estimated the price it can charge for providing satellite launch services to commercial firms. Her most optimistic estimate (a price not expected to be exceeded more than 10 percent ..
1. bills bakery has a fire and bill loses some of his cost data. the bits of paper that he recovers after the fire
Write down some similarities and differences between monopolies and oligopolies. How would you classify Microsoft? How would you classify the power industry in your area?
Explain what would be the effect on the dollar/euro exchange rate if economic growth increased in the EMU but not in the United States. Explain what would be the effect on the dollar/euro exchange rate if the price level increased less in the United ..
If someone said "My personal economic theory is live below my means..." what does this mean and what implications does t.is have for that person's economic future?
Write out a regression with quarter dummies (use summation notation to be compact). How is this same as a time fixed effects regression? Write out a regression equation with a variable “time,” which takes on the value 1 at the beginning of the sample..
A trade deficit for the United States is generally financed by: A trade deficit means a net:
Describe a market situation in which the operating company faces economic difficulties and need to cut costs. What cost cutting strategies may the operating company employ to remain profitable?
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
Should the government break up a monopoly into a large number of perfectly competitive firms? Why?
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