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The Whopper Co. is a manufacturer of gumballs. The technology and know-how to do this are well known in the scientific and engineering community in Whopper’s home country, where gumballs have been popular with consumers for decades. Whopper decided recently to expand into Country X and to introduce gumballs to a market that has never seen them before. Before doing so, Whopper filed for a patent in Country X. The local patent office examined the application as to form (it was fine), searched the local records to determine if the technology was known locally (it was not), and then published notice of the application in the Patent Gazette for public comment. There was no public comment, and the patent was issued. Now Bubble Co., a local Country X business, has begun manufacturing and selling gumballs in Country X that are identical to those being manufactured and sold by Whopper. Whopper brings suit for patent infringement. Bubble countersues to have Whopper’s patent revoked. Who will win? Explain
Suppose an office supply store increased its price of file folders from $.79/box to $.99/box and the quantity demanded decreased from 85 boxes/month to 83 boxes/month. What is the price elasticity of demand for file folders? Is the demand elastic, un..
In the Jehle and Reny textbook (which I should add I have not read much of beyond a few sections of interest), a theorem stating that there is always a (mixed) Nash equilibrium in finite strategic form games is proven. Similarly, I would also suspect..
There are two possible states of the world next year. If you keep your job, your income is equal to your labor market earnings E plus your non-labor income Y. Consider a graph with “keep job payoff” on the horizontal axis, and “lose job payoff” on th..
Explain at the current price, eight units are demanded each period. If the objective is to increase total revenue, should the price be increased or decreased.
Merton talks about conformity being a socially acceptable means to attain our goals. Is this always the case? Is there a place where conformity does not work? How about people who don't conform to views in our society?
Susan received news from her boss that she has been given a raise in incomes from $20/ hour to $25/ hour for her 40 hour week job, effective immediately. Over the next week her purchase of wine increased from 4 bottles to 6 bottles. Compute her incom..
Consider the following game. Player 1 is either "Friendly" (with probability 2/3) or "Mean" (with probability 1/3), and decides to Smile or Not Smile. A Friendly type has no cost of smiling, but a Mean type has a cost of 4. draw the extensive form of..
When you look at monetary or fiscal policy, it’s important to consider the Phillips curve. Explain what the short-run Phillips curve is and why it is important in thinking about economic policy. Explain what stagflation is and why stagflation is inco..
The Pacific Northwest possesses an abundance of dams producing cheap hydroelectric power. Consequently, electricity prices are lower than the rest of the United States, and Northwest consumers use more electricity on average than consumers in other r..
Assume a perfectly competitive firm is producing a level of output at which MR
You went out to dinner one night and observed one of your patients drinking heavily. The next day the patient is to check into the hospital for a pre-scheduled surgery. Your colleague found out about this and stated the patient’s behavior was irratio..
Interpret the following output examining group differences for purchase intentions. The three groups refer to consumers from three states: illinois, Louisiana, and Texas. Assume the significance level is 0.05. In 2-3 sentences, what assumptions can y..
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