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5. You are at the company convention and your CEO gives a rousing motivational speech about how the company wants its employees to become leaders.
The CEO suggests that short-term thinking is important and urgent, whereas long-term thinking is important but not so urgent. The CEO, however, suggests that leaders engage in long-term thinking and offers the following payoffs for you: If you are involved in important and urgent work (short term thinking), the payoff is $300. If you are involved in important but not urgent work (long term thinking), the payoff for you is $500.
When you go back to the home office, however, you realize that the company culture is such that if you do long term thinking, you look like you are slacking off as long as there are other managers who are doing the urgent short term work. And so there is a loss of social standing for you worth $250. On the other hand, if you do short term work while the other managers are thinking long term, you appear to be working harder than the others and your social standing gain is worth $250.
Given the mixed messages of the CEO's speech and the home office corporate culture, does the company produce managers or leaders? Show your work using game theory.
The switch to the use of HFCS from sugar in soft drinks was prompted in large part by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for soft drinks?
Determine whether the firm is operating efficiently, given that its objective is to minimize the cost of producing the given level of output. Determine what changes (if any) in the relative proportions of labor and raw materials need to be made to..
Discuss the difference between a movement along and shift of the demand curve? Demonstrate the impact on the equilibrium price and quantity that results from;
Suppose that you agree with the 16-percent rate of return proposed by the company. What factors need to be considered when setting rates designed to achieve this factor?
Assume marginal cost increases to 25 as a result of imposition of a tax. What takes place to monopoly and competitive price and output?
Supposing a products is produced both in the US and abroad what would be the effects of the US import quota on the good? Discuss some of the attributes of the new economy.
You've been appointed by an unprofitable firm to determine whether it should shut down its unprofitable operation.The firm currently employs 70 workers to produce 300 units of output per day.
Describe the cutthroat competitors reasons for not increasing or decreasing his price, thereby accounting for the kink in his demand curve.
Would this additional spending on advertising achieve the effect of deterring Maytag from entering? Should GE pursue this option?
Draw an iso-cost line for this firm, showing combinations of L and K that cost $6 and another iso-cost line showing combinations that cost $12. What are the slopes of these iso-cost lines?
In the summer of 1997, Congress and president agreed on budget package to balance the federal budget. The contract," signed into law by President Clinton in August as the Taxpayer Relief Act of 1997,
Is the main outcome of economics (high standard of living) the only relevant question in the realm of economic analysis? Do you agree? Is quality of life also significant?
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