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What is prisoner's dilemma game? How is it relevant in evaluating the likelihood of cheating in a cartel?
What are comparable real salaries? A job paid $57,000 in 2002. The CPI in 1960 was 29.6, compared to 179.9 in 2002. In 1960, what salary would be comparable to 2002's $57,000 in real terms?
What type of market structure is OPEC? What are some important issues that OPEC must confront in their efforts to control the price of oil?
Asssume that a monopolist must choose between two points in its demand curve: it can sell 100 units for $3 or it can sell 140 for $2. Which of the following is true.
How much corn will the industry be willing to supply at a price of $200? What about at a price of $250? What about $300? $350? $400? ii) Use your answers to graph the long-run supply curve for the industry, that is, the quantity of output the indus..
Assume that you have drawn a total product curve for labor given a technology. Now let some sort of technological change rise in the productivity of labor.
In 1982 the Johnson & Johnson Company credo was suddenly taken to task when an unknown quantity of Tylenol capsules on the shelves of one or more drug store(s) in Chicago was/were laced with cyanide, and seven people died.
You are a manager of a large but privately held online retailer that currently uses 17 unskilled workers and 6 semiskilled workers at its warehouse to box and ship the products it sells online.
1) Write down expressions for the average cost function, marginal costfunction, and average variable cost. 2)What is the level of output that yields the minimum average cost of production?
Although the last 3,000 cell phones we produced and sold increased our revenue by $6,000 and our costs by $6,700, we are still making an overall profit of $5,000 per week so I think we're on the right track. We are producing the optimal number of ..
Suppose that an individual with income I cares about two goods, X and Y. The price of the two goods is Px and Py. The individual has the following utility function:
What is the equilibrium price and quantity? Suppose the government imposes a tax of $1 to reduce teaconsumption and raise government revenue. What will the newequilibrium quantity be? What price will the buyer pay? What amountper kilogram will the..
research information on companies that have engaged in monopoly behavior, such as Microsoft, Google, or Wal-Mart, and explain how society has been affected by the monopoly behavior using that information.
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