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Predation
a) What is predation? What is the Chicago school criticism of predation and what is the counterargument to this criticism? Give four non-predatory reasons as to why firms respond aggressively to entry. Is there any evidence that can allow one to distinguish between a predatory and a non-predatory response to entry? Does predation reduce social welfare?
b) In the airline industry Northwest (i) responded to entry by dropping prices and adding capacity and (ii) responded to exit by raising prices and reducing capacity. Explain whether these actions consistent with non-predatory Cournot behavior, predation or both.
c) In the gas station industry the growth of market share of low cost supermarket chains resulted in the exit of 5000 gas stations and in a fall in the average gross margin. Explain whether this evidence is consistent with non-predatory Cournot behavior, predation or both?
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Fiscal policy is the responsibility of the Congress of the United States. Describe what tools are available to the Congress and how those tools have been used to affect the economy over the past several years. If possible, explain why the economic mu..
Impact the decrease in the price of land will have on this firm's short run cost curves (short run fixed costs, variable costs also total costs). Elucidate your illustration.
The supply and demand curves for corn are as follows: QD = 3,750 - 725P QS = 920 + 690P, where Q = millions of bushels and P = price per bushel. Calculate the equilibrium price and quantity that would prevail in the free market. Calculate the loss in..
Suppose the government increases both taxes and government purchases by $10,000. Assuming that the marginal propensity to consume is 0.75, calculate the change in private saving, government saving, and total saving. Then draw a graph of the loanable ..
A perfectly competitive firm operates in the short-run with labor as its only variable factor. Its production function is: Q = -L3 + 10L2 + 88L where Q is output per week measured in tons and L is the number of workers employed. The weekly wage is $3..
identify the circumstances under which Sarah should choose package A, the circumstances under which she should choose package B.
Suppose (contrary to fact) that the Scottish independence referendum had passed, Scotland had become independent, and you became its finance minister. Your first order of business is to recommend a currency for Scotland. Three proposals have been mad..
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Thoreau has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C, L) = CL. The household also has a home production technology summarized by a production function. How much time will Thoreau spend in leisur..
Suppose the demand curve for a monopolist is q=500-p, and the marginal revenue function is mr=500-2q. The monopolist has a constant marginal and average total cost of $50 per unit. Elucidate what is the lerner index for this industry.
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