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The Lange-Lerner model of market socialism of the text, is a system in which central planners try to arrive at competitive prices through trial and error. When a surplus of a good exists, the planners are supposed to lower its official price. When a shortage exists, the planners are supposed to raise its official price. The hope is to reach prices that just balance supply and demand. Industry and enterprise managers are told to set output where price equals marginal cost. One criticism of this system is that industry managers in collusion with the managers of firms will form a monopoly cartel, withholding supply in order to drive up the official price. In this way, we get monopoly rather than competitive pricing. When would managers do this? When would they try to keep the official price below the monopoly level? Explain. (Hint: Think in terms of taxation.)
Twin brothers Ryan and Mike co-own Stamps and More, an independent shipping business they established shortly after graduating from college. While initially struggling during the first two years of operation, the business eventually turned a profit i..
The main determinant of elasticity of supply is the: Based on the concept of price discrimination, which of the following is NOT likely to occur?
How does the income approach to measuring GDP differ from the expenditure approach? Explain the meaning of value added and its importance in the income approach. What are the leakages from and injections into the circular flow? How are leakages and ..
Suppose a confectioner (candy maker) and a doctor share a building for work. The confectioner uses half of the building, and the doctor meets with patients in his office in the other half of the building. Suppose the confectioner uses a very loud mac..
For each group identified in bold type below, use the labor-leisure choice model to illustrate graphically and then explain the change in the quantity of leisure desired. Be sure to explain how the group’s labor force participation rate is affected.
Using the CSU Online Library and the unit reading assignment, explore the capital budgeting techniques covered in the unit, NP, PI, IRR, and Payback.
none of the employees makes the effort to do so. How would you change the organizational architecture of the firm to raise profitability?
XYZ is a small leather shoes manufacturing company. The market for the brand of shoes produced by XYZ is highly competitive, currently selling for $100 per pair. XYZ's total and marginal cost functions are as follows: C(Q) = 1,000,000 + 0.01Q2 MC = 0..
What is the biggest disadvantage of using shells as money.
The price elasticity of demand is -0.20, and each clinic has fixed costs of $100,000. One clinic has a volume of 9,200, marginal costs of $70, and a market share of 3 percent. The other clinic has a volume of 15,800, marginal costs of $80, and a mark..
q1. a clinic uses doctors also nurses to serve the maximum number of patients given a limited annual payroll. the
Bill is thinking of investing in a Silicon Valley start-up. His von Neumann-Morgenstern utility-of money function is U(w) = 9+w-(w^2/100) where w denotes wealth measured in thousands of dollars (thus w = 1 means $1,000). Would a risk-neutral person m..
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