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Do business firms operating in competitive markets have a strong incentive to serve the interest of consumers? Are “good intentions” necessary if individuals are going to engage in actions that are helpful to others? Discuss.
Consider an industry made up of 8 firms.the market shares of 6 firms are 10% each. The market shares of the remaining two firms are 20% each. would a merger between firms 1 and 2 be likely to be challenged by the government
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q) = 150 + 28Q – 5Q2 and C(Q) = 100 + 8Q. (Note: MB(Q) = 28 – 10Q and MC(Q) = 8.)
"Since the indirect utility function, under standard assumptions, is quasi-convex in prices, randomization over equilibrium prices can be Pareto improving even if fundamentals are not stochastic." Assess this claim and its implications or compatibi..
Derive the Marshallian demand functions and the indirect utility function, and confirm that Roy's identity holds.
A policy may yield a Pareto superior outcome so long as the gains to those who benefit are greater than the losses to those who are worse off.
describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
smaller multiplier means that the change in government purchases of goods and services or taxes necessary to close an inflationary or recessionary gap is larger. Explain this apparent inconsistency
Consider Bob, he washes his car by hand rather than taking it to the local car wash. When asked why he washes it by hand, Bob explains "you should never pay for something you can do yourself." Evaluate the validity of Bob's statement.
(a) What marketing research did Vivian Callaway execute (b) What were the critical questions that she sought research and expert advice to get answers to (c) How did this affect the products marketing mix price, promotion, packaging, and distributi..
Draw en Edgeworth box and illustrate. Initial endowement allocation, an indifferens curve for each consumer and the contract curve.
Explain the difference between nominal and real GDP, andprovide a numerical example with your own numbers of how nominalGDP can be converted to real GDP.
Suppose that a natural monopolist was required by law to charge average total cost. On a diagram, label the price charged and the deadweight loss to society relative to marginal cost pricing. Briefly explain your diagram and comment on the results..
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