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For several years, Palm was the dominant manufacturer of PDAs (personal digital assistants). However, a number of other manufacturers have since entered the PDA market, eroding Palms market share and profits. Suppose that prior to other firms entering the market, Palm earned profits amounting to $100 million per year. By reducing its price of PDAs by 50 percent, Palm could discourage entry into market, but doing so would cause its profits to sink to $5 million. By pricing such that other firms would be able to enter the market, Palm profits would drop to $75 million for the indefinite future. In light of these estimates, do you think it would have been profitable for Palm to engage in limit pricing? Is any additional information needed to formulate an answer to this question: Explain?
Engineers at the national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of unleaded gasoline.
Consider the instrumental variable regression model Y i β 0 + β 1 X 1 + β 2 X 1 +u i , where Z i is an instrument
What is opportunity cost of producing a car in Canada? What is the opportunity cost of producing the tonne of wheat in Canada? Describe the relationship between the opportunity costs of two goods.
Suppose the marginal expense of hiring another worker is $150 and the marginal expense of hiring current workers for an extra hour is $10.
What is real mortgage interest rate in 2001, 2002, 2003 and 2004? What are the values in 2000 dollars of the Nancy's monthly mortgage payments in the year of 2001, 2002, 2003, and 2004?
You have been hired as a plant manager for a firm that produces widgets (Q) in Angola, Indiana. Widget production requires machine time (K) and labor time (L).
Compute the income elasticity of demand for product below, by using average values for quantities and incomes.
Consider the problem of the book assuming that the utility is Cobb-Douglas (U (C, l) = C α l β )
You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:
Prepare a demand schedule for both demand curves and prepare them on an Excel graph. Calculate the marginal revenue for each.
A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. The short-run supply curve of a competitive firm is its MC curve.
Explain the three criteria that are used to determine whether a particular variable is a worthy candidate to be selected as an intermediate target variable of monetary policy.
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