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Consider your own workplace. Do you work for a company, the military, or at a nonprofits institution such as a hospital? Describe your organization's buying center and how it adds value by procuring what your organization needs to conduct its business and produce its own products or services. How are the buying decisions made?
Consider the following possible schemes for taxing a monopoly: Explain how each of these taxes would affect the monopolist's profit-maximizing output choice. Would the tax increase or decrease the deadweight loss from monopoly?
OPEC successfully raised the world price of oil in the 1970s and early 1980s, primarily due to:
Perform an annual equivalence analysis for the two options, and state which is the better option and why. Calculate the present worth of the incremental system (1 - 2): and state which option is better and why.
Suppose you have a demand function given by: Q = 360 ? 2P. What is the price elasticity of demand when the price is P = $20? You will have to use the point elasticity formula.
Which of the following is often not a disadvantage of decentralization?
Problem 1: David has $50 to spend on chocolate (X) and ice cream (Y). The price of chocolate, PX, is $5, and the price of ice cream, PY, is $8. His utility function for chocolate and ice cream is given by U = 2X1/4Y1/5.
Suppose good X is a normal good. Then a decrease in income would lead to
Economic Projections You have just been appointed the new Economic Advisor to the U.S. Government and have been asked to develop an economic series of projections for the U.S. domestic economy for the next year. Outline your new forecast based on cur..
In 1976 independent Texaco retailers file suit against Texaco. In 1990, the Supreme Court of the United States found that Texaco had indeed violated antitrust law. Illustrate which law do you think Texaco was found guilty of violating.
Suppose you purchase a 30-year, zero-coupon bond with a yield to maturity of 6%. You hold the bond for five years before selling it. a. If the bond's yield to maturity is 6% when you sell it, what is the internal rate of return of your investment?
As the level of competition in an industry increases, the price-cost margin approaches:
How does an increase in the expected rate of inflation shift the Phillips curves?
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