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In an article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production since "steelmakers can't afford to lose any sales because their costs, especially their fixed costs, are so high." What does this statement mean? Explain.
2. Managerial Decisions for Firms with Market Power
Tots-R-Us operates the only day-care centre in an exclusive neighbourhood just outside of Washington, D.C. Tots-R-Us is making substantial economic profit, but the owners know that new day-care centres will soon learn of this high profitable market and attempt to enter the market. The owners decide to begin spending immediately a rather large sum on advertising designed to decrease elasticity. Should they wait until the new firms actually enter?
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
Illustrate the notion that people are rational respond to incentives consider an experiment conducted by researchers at St. Luke's Roosevelt Hospital in New York City.
Taiwan Electronics produces 3 models of the CB radios, A, B, and C-Employ the transportation model to find out the best production schedule.
Analyze the factors that influence the banks desired excess reserve ratio, r e . What would happen to the magnitude of r e if:
Using the following data calculate Disposable Income:
What is the profit maximizing output level for the typical firm? (Hint: Calculate MC for each change in output, then find the equilibrium price, and calculate MR for each change in output)
Article may originate from the internet however please provide the link to the particular article you are reviewing.
Suppose two identical firms produce widgets and they are the only firms in the market. Find the Cournot-Nash equilibrium.
Develop an exponential smoothing forecast with smoothing constants α =0.1 and 0.3. What would be the forecast for week 11?
Production Possibilities Tables for Germany and Canada (note that we are assuming that opportunity costs remain constant along the production possibilities frontier), and that each country produces only these two products).
What is the hypothesized elasticity of demand for one product/service that is produced by the company (or a product/company you are familiar with)?
Suppose that the assumption in key concept are satisfied. Show that X i is a valid instrument. That is, show that key concept 12.3 is satisfied with Z i = X i .
Show that, with a linear demand curve, the imposition of a per-unit tax on a monopoly will cause price to rise by less than the tax. Would this be true for a constant elasticity demand curve?
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