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Question: A team owner learns from a research firm that the demand for winning looks like : P=(36-2A)W (P is ticket price, A is attendance, W is the quality of the team measure by winning percent). To focus on the long run, the team owner sets marginal cost equal to zero, but the owner knows that fixed costs determine quality in the following way: TFC=165W2 (W is winning percent). With this information, answer the following:
a) What are the owner's profits if a low quality team is chosen (use W=0.350)
b) What are the owner's profits if a high quality team is chosen (use W=0.650)
c) Comparing your answers, aforementioned, should the owner choose the high quality or low quality alternative.
d) Graph the relationship between quality (0<W<1) and profits. What is the precise winning percent that earns the owner the greatest possible profits.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
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Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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