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1. Discuss the optimal method for procuring a modest number of standardized inputs that are sold by many firms in the marketplace. What are the promary advantages and disadvantages of using this method to acquire inputs? Give an example that uses this method of procurement.
2. Describe how a manager who derives satisfaction from both income and shirking allocates a 10-hour day between these activities when paid an annual, fixed salary of $125,000. When this same manager is given an annual firxed salary of $125,000 and 3 percent of the firm's profits-amounting to $150,ooo per year-the manager chooses to work seven hours and shirks for three hours. Explain which of the compensation schemes the manager prefers.
3. Discuss the impact of the following factors on the optimal method of procurring an input.
a. Benefits from specializationb. Bureaucracy costsc. Opportunism on either side of the transactiond. Specialized investmentse. Unspecifiable eventsf. Bargaining costs
4. Last year, a 10-year contract between Boeing Commercial Airplane Group (BCAG) and Thyssen Inc.-a distributor of raw aluminum-expired. The contract, valued at $300 million when intially signed, stemmed from Boeing's desire in late 1990s to reduce production bottlenecks resulting from supply shortages. Declines in the demand for commercial aircraft during the past decade led some analysts to challenge BCAG's wisdom in signing such a long-term contract. Do you share this view? Explain.
Work out the effects of the following changes on 1. International price of bananas 2. Output of both goods in both countries.(Show the changes in world relative supply and demand curves and the PPF of each country).
Use the information on U.S. real GDP below to calculate real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1987 to 2005.
Consider the market for electricity. Suppose demand (in megawatt hours) is given by Q=50-p and that the marginal private cost of generating electricity is $10 per megawatt hour (p is the same units). Suppose further that smoke is generated in the ..
Suppose a hedge is desirable, what hedging techniques are available to the treasurer and what are the advantages and disadvantages of each.
Assume the United States government determines that the cigarette smoking creates social expenses not reflected in current price of cigarettes in the market.
Examine present global economic and political policies and their impact on business decisions.
1. if there is no shock and yet the economy in the sr has an excess supply es of goods and an excess demand ed for
) If the government imposes a maximum price in a market that is below the equilibrium price: _____ A) total surplus in the market decreases. B) total surplus in the market does not change. C) total surplus in the market increases. D) total surplus..
Christy maintains her inventory levels through borrowing cash on daily basis from bank. She estimates demand for cash for the coming year will be $17,000 per day.
Expalin why is private property, and the protection of property rights, so critical to the sucess of the market system.
Statsia has only 20 hours per week that she can devote to trainingfor her race." which basic principle of individual choice does this sentence bestillustrate?
A. What is the level of industrial concentration in the automobile industry B. What economic incentives can be used to reduce the cost of health care C. What policies would be recommended for stimulating national economic growth D. What are the suppl..
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