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Yummy foods, a gourmet food store, has stores all over the Chicago area. They have a reputation for undercutting prices of any competitor that tries to enter the market until the competitor is driven out of business. Which of the following statements is true?
a) Yummy foods is using the kinked-demand curve theory
b) Yummy foods entry deterring strategy is to engage in a price war
c) Yummy food is engaging in overt collusion
d) Yummy foods is using price leadership along with the limit pricing model
When a U.S steel, a steel producer, bought control of iron ore companies at the beginning of the 20th century, the company was initiating
a) an expropriation
b) a horizontal merger
c) vertical merger
d) cartel
What examples of 1) elasticity, including an explanation of why or how they demonstrate the concept of elasticity; and 2) examples of externalities, again including an explanation of why or how they demonstrate the concept of externalities
Elucidate what trends in the environmental forces (social, economic, technological, competitive, and regulatory) identified.
Suppose that there are two goods, apples and oranges, and two individuals, John and Mike. John has four apples and two oranges, and Mike also has four apples and two oranges. We will call this “point A.” Define what it means for an allocation of good..
Arrows up or down. In the application on consumer loans in South Africa, the loan uptake rate _________ as the interest rate decreased and _________ when the model on the offer was switched from a man to a woman. Advertising for Loans. Consider the n..
Suppose your Zimbabwean bank account pays interest monthly with the interest rate quoted as an effective annual rate (EAR) of 50%. (a) What percent interest will you earn each month? (b) Suppose the weekly inflation rate in Zimbabwe is 1%. What is th..
A firm will have constant profits of $100,000 per year for the next four years, and the interest rate is 6 percent. Assuming these profits are realized at the end of each year, what is the present value of these future profits?
Why do pork also lamb have comapritively high price elasticities of demand compared with the other foodstuffs in the table.
Should price increases for products in demand be allowed during extreme times of demand ( e.g.; bags of ice, water or hotel rooms during a hurricane crisis)? Defend your position using economic principles?
The White House sees a recession on the horizon, but Congress is preoccupied with other issues and is slow to act.
Show each of the following events on a bank’s T-account:
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
Studies indicate that the price elasticity of demand for beer is about 0.9. A government policy aimed at reducing beer consumption changed the price of a case of beer from $10 to $20. According to the midpoint method, the government policy should hav..
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