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Explain how the following cases involve price discrimination, and how the seller attempts to prevent arbitraging the two prices:
1. A cement firm requires in a sale that it delivers the cement to the buyer, and wants to know the buyer's location.
2. An airline requiring that the passenger spend a Saturday night in the destination (i.e., away from home) for any discounted ticket price.
3. Peak-load pricing, which occurs when the price changes over time (e.g., during the day) to be higher at peak demand periods and lower at low demand periods (think of a bridge toll, where the toll is highest at rush hour but lowest at off-peak times such as in the evening).
Define the terms decision management and decision control. Under what situations might it be optimal to make one individual responsible for both decision management and decision control?
A profit-maximizing monopolist named Edd faces a demand function given by q = 1000 - 20p, where p is the price of his output in dollars. He has a constant marginal cost of 20 dollars per unit of output. In an effort to induce Edd to increase his outp..
In American popular memory, the period between 1945 and 1963 has come to be considered a "Golden Age," an idealized version of the nation that was destroyed by the discord of the 1960s. Having read about the different aspects of this period, in terms..
Consider the usual case where a higher wage rate increases a firms’ marginal costs. In this case, the industry’s demand curve for labor a. is more wage inelastic than the individual firms’ demand curves would indicate. b. coincides with the horizonta..
During the 2008 financial crisis and the subsequent recession, how did major U.S. banks respond to the actions of the Federal Reserve? How did those monetary policy actions affect U.S. businesses and households? How were the actions of the Federal Re..
Assume a perfectly competitive market structure. Complete the diagram to show the profit maximizing price and quantity. Label each (use Insert textbox). Is the firm earning economic profits or losses? If so, what will occur over the long-term?
At a time when demand for ready-to-eat cereal was stagnant, a spokesperson for the cereal maker Kellogg’s was quoted as saying, “ . . . for the past several years, our individual company growth has come out of the other fellow’s hide.” Kellogg’s has ..
Illustrate what is the legal distinction between selling a product and licensing it. Many of the provisions in the UCITA were first proposed as a modification to Article 2 of the UCC. Why do you think the drafters decided to propose it as a separa..
How great an open market purchase or sale of securities should the central bank undertake to restore the original interest rate.
The suggestion that a seller will try to set price based on “what the market will bear” is explicit recognition of the constraint imposed by:
Illustrate what monetary policy tools should the Fed use to achieve the results you recommend.
Explain how much of input 2 does it use. B) What is the most that it is willing to bribe an inspector to allow it to use another unit of input 1.
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