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Q1. Joe's search costs are $7 per search. He wants to buy a DVD player for his wife for Christmas, and the lowest price he's found so far is $200. Joe thinks one-third of the stores charge $300 for a DVD player, one-third charge $200, and one-third charge $185. Should Joe continue to search or buy a DVD player at a price of $200? Please step me through this problem.
Q2. Many airline routes worldwide are served by only one airline (a monopoly). Within the U.S., these are often from a small or mid-sized city to a major carrier hub and frequently operated by a regional carrier under contract to the larger airline.
1. Will these monopolies typically earn economic profits?
2. Why do not other airlines enter these monopoly routes?
3. Is price discrimination likely? If so, what type (1st, 2nd, or 3rd degree)? Will price discrimination increase profits?
Involuntary unemployment at this wage. If so, how much. Illustrate with a diagram. What if minimum wage is set at 40,000.
Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your costs of production increase. What new decisions will you make regarding production levels and pricing for your Widget facility?
Explain should decision management as well as decision control be separated.
Currently, every book it sells is priced at $10.50. Show strategy to offer a discount that lowers the price of a book to $9.50, a 10% reduction in price using the midpoint formula.
what money growth rate should the Fed aim for to hit its inflation target in that period? If the Fed instead maintained the money growth rate from part a, what is likely to happen to inflation.
Assume the price falls to $ 7.50. What think would be a short-run impact on the production of the company. What would be the long term.
Discuss how the distribution of income among various groups of income earners have changed in this country during the past 50 years. In your opinion, do we need to initiate any policy to address the distribution of income?
What happens to the demand for Sara's sweatshirts in long run. In long run, what happens to Sara's economic profit.
Use the principles of supply and demand to address a predetermined goal (set by the student) in the gasoline market. Be clear on what the current market indicates and why and what your future goal is.
Suppose that one company acquires all the suppliers in the industry and thereby creates a monopoly. Illustrate what are the monopolist's profit-maximizing price and total output.
Elucidate situations which use the IS-LM-FX model to illustrate the effects of the shock. For each case, state the effect of the shock on the following variables.
An industry comprising a small number of firms, each of which considers the potential reactions of its rivals in making price-output decisions, is called
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