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Suppose the European Union (EU) is investigating a proposed merger between two of the largest distillers of premium Scotch liquor. Based on some economists’ definition of the relevant market, the two firms proposing to merge enjoyed a combined market share of about two-thirds, while another firm essentially controlled the remaining share of the market. Additionally, suppose that the (wholesale) market elasticity of demand for Scotch liquor is -1.3 and that it costs $16.20 to produce and distribute each liter of Scotch. Based only on these data, provide quantitative estimates of the likely pre- and postmerger prices in the wholesale market for premium Scotch liquor. Instruction: Do not round intermediate calculations. Round your final answers to the nearest penny (two decimal places). Pre-merger price: $ Post-merger price: $
One component of the Patriot Act of 2006 was the "Combat Methamphetamine Epidemic Act", which prohibited the over the-counter sale of cold medicines that contain pseudoephedrine (which is commonly used to make meth). Ceteris paribus, what is a likely..
q.assume which at current factor cost s cloth is produced using 40 hours of labor for each acre of land and food is
Visualize you are a manager for good or service used. From results of the deterioration equation, recommend strategies to either preserve demand if an increase over 3 periods occurs or improve demand
Illustrate which offers the higher expected return. If you expect the rate of inflation to be 3% over the next year, which is the better investment.
Set up a Ricardo-type comparative advantage numerical example with two countries and two goods. Distinguish “absolute advantage” from “comparative advantage” in the context of your example. Then select an international terms-or-trade ratio and explai..
What are the major economic justifications for state intervention used by mercantilists and what are the major types of problems with state intervention as they pertain to international political economy?
Popular movements like "buy/shop local" seem to contradict the principle of specialization according to comparative advantage. How does the theory of comparative advantage influence your opinion on these movements and why?
Describe a situation where the presence of multicollinearity would not necessarily be a bad thing. Explain your rationale. Describe a situation where multicollinearity would definitely be a bad thing and recommend remedial measures for the situation ..
Elucidate why relatively flat as opposite relatively steep worker demand curves are more consistent with the empirical observation.
How do government subsidies affect farm production, income and prices? How do (unregulated) markets encourage pollution? Who pays for subsidies? How can government policy best ensure an optimal environment?
Suppose a company could produce a high and low qua... Suppose a company could produce a high and low quality good. Each consumer can buy a high quality good (with quality exogenously given as s2), a low-quality good (with quality s1), or no good. Ass..
You retire at age 60 and expect to live another 27 years. On the day you retire, you have $464,900 in your retirement savings account. You are conservative and expect to earn 4.5% on your money during your retirement. How much can you withdraw from y..
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