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For each of the following examples, explain how and why a monopoly would try to price discriminate.
a. Air transport for business people and tourists
b. Serving food on weekdays to businesspeople and retired people. (Hint: Which group has more flexibility during a weekday to adjust to a price change and, hence, a higher price elasticity of demand?)
c. A theater that shows the same movie to large families and to individuals and couples. (Hint: For which set of people will the overall expense of a movie be a larger part of their budget, so that demand is more elastic?)
Is it possible for the gross federal debt to rise in dollar terms but decline as a percentage of GDP? Explain your answer.
(Craft Unions) Both industrial unions and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor suppli..
Illustrate what shape do you think the marginal benefit curve is for carbon dioxide abatement.
Illustrate what are some advantages of a unionized organization. What are some disadvantages.
When an inefficient firm or a firm producing a product that people no longer want goes out of business, people are unemployed,but that is part of the normal process of economic growth and development. The unemployment is part of the natural rate and ..
Using the utility function: U (x, y) = x^gamma + y^gamma , 0
One way to understand how the economy works is the circular flow model. This model demonstrates the flow of resources, goods, services, and income between households and business through the resource market and the market for goods and services. I..
Write a 700- to 1,050-word paper in APA format describing the effects of taxation and price controls on the economy.
Suppose an individal who moves from Asia to the United State and brings with him life savings of $40,000, which he deposits in a US bank.
a. At first, only a few people use the service. What type of good is this and why b. Eventually, as more people find out about the service and start using it, the speed of the connection begins to fall. Now what type of a good is the wireless inte..
Kim deposits her annual bonus into a saving account that pays 8% interest compounded annually. The size of her bonus increases by $2,000 each year, and the initial bonus amount is $5,000. Determine how much will be in the account immediately after th..
Why is an increase in the number of varieties of a good regarded as a gain from trade? Can you think of economic disadvantages associated with greater product variety? Explain. Is the distinction between "intra-industry trade" and "inter industry t..
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