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Question:
Task A:
1. A consumer splits their income equally between two goods. If the price of one good increases by 10% and their income increases by 5%, show that the consumer's optimal consumption bundle will change despite them being able to afford their original bundle.
2. When estimating a demand function, explain why fitting a line of best fit through observed price and quantity combinations over time is not likely to yield good estimates.
3. If a firm uses only capital and labour, show why the cost minimising combination of inputs sets: .
Task B:
Select a (domestic) public limited company of your choice which has some degree of market power. In an essay of 2400 words or fewer, evaluate the pricing strategies it employs for its core product/business in order to increase its market share and profitability within its industry (at the national level).
Many observers claim that “fee-for-service” payments create incentives for physician to employ higher-cost treatments. Is this an intrinsic feature of FFS payment systems? If so, explain why. If not, what is the correct way to view the financial ince..
You put money into an account. One year later you see that you have 5 percent more dollars and that your money will buy 6 percent more goods.
Suppose the marginal revenue (MR) function of a monopolist is 5000-0.25Q, what is the profit maximizing price and quantity? Show or identify the demand, marginal revenue and total revenue curves. State the maximum amount of total revenue—in US dollar..
In a macroeconomic equilibrium,
Does a tug of war between AVC and AFC eventually take place?
Let Y represent income and L represent hours of leisure. Mike's utility for income and leisure is U(Y,L) = Y x L so that marginal utility of leisure = Y and the marginal utility of income = L. Total hours available for leisure and work in any given w..
ESPN currently pays the NFL $1.1 billion per year for eight years for the right to exclusively televise Monday Night Football. What is the net present value of this investment if the parent Disney Company has an opportunity interest rate equal to its..
Monetary expansion causes the current account balance to increase in the short run. Discuss this statement. Is the same true for fiscal expansion?
A High End Department store has a replacement cost of $4,596,000. A fire caused $500,000 damage to the store's inventory. Find the amount the insurance company will pay if the store carried a policy with a face value of $3,500,000 and a coinsurance c..
Distinguish between skimming price and penetration price policy. Which of these policies is relevant in pricing a new product under different competitive conditions in the market?
Assume that muffins are incredibly addictive, so consumers have perfectly inelastic demand for them, up to a certain saturation point.
illustrate what can you say about cost elasticity of demand for DVD players. Will cost reduction necessarily lead to an increase in profits for DVD player manufactures.
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