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The manager of a corporate division faces the possibility of an audit every year. She prefers to spend time preparing if she will be audited; otherwise, she would prefer to invest her time elsewhere. The auditor, who gets recognized for uncovering problems, prefers to audit unprepared clients. If the players match their actions (i.e., the manager prepares and the auditor audits, or the manager doesn’t prepare and the auditor doesn’t audit), the manager wins with a payoff of 20, and the auditor loses with a payoff of –20. If the actions don’t match, the auditor wins with a payoff of 20, and the manager loses with a payoff of –20. Diagram this game, and comment on the equilibrium. Is there any pure strategy Nash equilibrium?
“This company is so unfair! They obviously don’t care about their customers. They __________!” complains Cindy Consumer. (the blank could be filled in with statements like: Explain to Cindy why economists think her complaints are naïve.
Explain what happen if all workers and jobs were identical, there would be just one wage rate, assuming perfect information and costless mobility.
A firm operating in perfect competition receives $45 for each unit sold. The form has a variable cost of $25 per item and a fixed cost of $1600. What is the profit for the firm if it sells?
Discuss the importance of sales strategies and give examples of some typical strategies that might be pursued. Indicate why it is important for the sales manager to determine effective strategies for his or her sales force.
Suppose that an economy’s production function is cob-douglass with CRS(Y=AK^α * L^1-α ) and α=.3. What fractions of income do capital and labor receive? Suppose that the capital stock decreases by 15 percent. How much does output increase or decrease..
What steps should multinational companies take to ensure that their subcontractors are behaving in an ethical manner? How should companies make human rights issues part of their overall policy?
Suppose at current factor prices a country’s manufacturers use 60 hours of labor for each acre of land and food is produced using only fifteen hours of labor per acre of land. If the economy’s total resources are 1800 hours of labor and 180 acres of ..
A monopolist faces a market demand curve given by: Q = 70 – P. This monopolist perfectly price discriminates among its customers. If the monopolist can produce at constant average and marginal costs of AC = MC = 6, the monopolist’s profits are equal ..
A trader buys a 3-month call option contract on 100 shares of a stock with strike price $40. Which of the following statement is correct if the options are held until the end?
We use a number of contemporary technologies to enhance services that we provide for our customers. One such technology known as ____________ allows us to observe and track products and services in transport.
A tobacco company is interested in hiring a salesperson to promote smoking cigarattes in nightclubs. The position pays a flat salary of $50,000, regardless of sales levels. During their first year on the job, what are the expected sales of Patty and ..
Suppose the original demand for labor equation is given by W=12-0.5L and the original labor supply equation is given by W=L. Suppose that health insurance costs $2 per worker. Please write down the new equations for the demand and supply graphs once ..
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