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Hollywood screenwriters negotiate a new agreement with movie producers stipulating that they will receive 10% of the revenue from every video rental of a movie they authored. They have no such agreement for movies shown on on-demand television.
a) When the new writers’ agreement comes into effect, what will happen in the market for video rentals—that is, will supply or demand shift, and how? As a result, how will consumer surplus in the market for video rentals change?
b) Consumers consider video rentals and on-demand movies substitutable to some extent. When the new writers’ agreement comes into effect, what will happen in the market for on-demand movies—that is, will supply or demand shift, and how? As a result, how will producer surplus in the market for on-demand movies change? Illustrate with a diagram. Do you think the writers’ agreement will be popular with cable television companies that show on-demand movies?
Compute the opportunity costs for producing a single Twinkie and a single cupcake for Jasper and for Jasmine. Does either have an absolute advantage in the production of Twinkies.
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The college has annual fixed costs of $10 million, and the variable cost for each additional student is $5,000. To continue operating, the college must receive payments equal to its total costs.
What is the effective borrowing rate on this home mortgage loan?
If the central bank (the Federal Reserve) keeps printing money and lowering the interest rates to get consumers buy and businesses to borrow money, then the economy will improve. Do you agree with the statement?
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Dewey Cheatham is the new Vice President of Marketing for a large online search engine company, Pottstown Innovative Enterprises (AKA, PIE). Dewey has been doing some research into how he can increase the Company’s revenues and thereby really impress..
Which of the following cannot explain the change in female labor force participation rates over the past 75 years? Unemployment compensation programs provide a lower income than workers received while they were employed because full replacement of lo..
Newspaper reports frequently suggest that the administration (regardless of who is president) wants the fed to lower interest rates. Why do you think that might be the case?
Bavarian Crystal Works designs and produces lead crystal wine decanters for export to international markets. The production manager of Bavarian Crystal Works estimates total and marginal production costs to be TC = 10,000 + 40Q + 0.0025Q2 and MC = 40..
It is always better to hire a more qualified and productive worker then a less qualified and productive one regardless of cost.
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