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1. A trendy French restaurant is one of the first businesses to open in a small corner of a commercial building still under construction. The restaurant has received rave reviews and has lines of diners waiting for tables most nights.
In the short run (next few months), what measures should the restaurant take to maximize its profits? Explain. In the long run (next six months and beyond), how can it maximize its profits? (Assume that the impressive state of demand is permanent).
2. In recent years, Chrysler Corporation initiated three-shift or nearly continuous (21-hours-per-day) production at a number of its plants. Explain why Chrysler's decision might have been prompted by movements in its wage costs or capital costs, or both. Why would Chrysler have instituted this production change for its most popular (and profitable) vehicles, its minivans and Jeep Cherokee? What risks might such a plan pose?
Open today’s issue of The Wall Street Journal and look for an article about new moves being made by a corporation, specifically the decisions that are strategic. At what level is each of the decisions that you identified? Functional/Business/Corporat..
Suppose that the demand for olive oil is highly inelastic. Also suppose that the supply of olive oil is fixed for the year. If the demand for olive oil suddenly increases because of a shortage of corn oil, you would expect a _____________ in the pric..
Suppose a consumer spends her income on lobster and frozen pizza. Assume that the consumer has an income of $600, the price of lobster is $50, and the price of frozen pizza is $6. Using indifference curves and budget constraints show the income and s..
Why are people risk-averse? Use your answer to throw light on the way in which intermediaries can persuade savers to lend their money indirectly to them for a lower average rate of return than they could obtain on their own. How does the degree of co..
Illustrate what do you conclude about the ability of these indexes to measure changes in real income.
Graph the Demand, Marginal Revenue, Marginal Cost, and Average Total Cost curves. What are the equilibrium price and quantity for this monopolist if it charges a single price to everyone? How much profit does the firm make? Show on the graph whether ..
Despite the absence of patent protection, Semi-Salt has averaged accounting profits of 5.5 percent on investments since it began producing polyglutamate-a rate comparable to the average rate of interest that large banks paid on deposits over this ..
Which of the following statements about exports and imports is true?
For decades the U.S. has been a major manufacturer of the World consumer goods. Nowadays, many items we buy from the United States are made in China. What are the economic implications of this practice to both countries?
How will each affect equilibrium price and equilibrium quantity in a competitive market? Will price and quantity rise, fall, or be unchanged? Based on the magnitudes of the shifts, will the answers be indeterminate? Demand decreases and supply is con..
What is a "Natural Monopoly"? What industry or firm do you regard as a "Natural Monopoly"? Explain the governmental action(s), if any, that you believe may be appropriate in this case.
Show the effect of each of the following events on the market for coffee by stating 1) if the equilibrium price went up, down, or stayed the same and 2) if the equilibrium quantity went up, down, or stayed the same:
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