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For each of the following examples, explain how and why a monopoly would try to price discriminate.
a. Air transport for businesspeople and tourists
b. Serving food on weekdays to businesspeople and retired people. (Hint: Which group has more flexibility during a weekday to adjust to a price change and, hence, a higher price elasticity of demand?)
c. A theater that shows the same movie to large families and to individuals and couples. (Hint: For which set of people will the overall expense of a movie be a larger part of their budget, so that demand is more elastic?)
The property value on the smith family's house had an assessed value of $250,000. The property tax was $3500. Determine the property tax on a house with an assessed value of $420,000, assuming the same tax rate.
Consider a hypothetical country with a labor force of 100, of which ten persons are unemployed and 90 are employed. Then, imagine that two of the ten unemployed got jobs, i.e., became employed. How might it be possible for the unemployment rate to..
They could have rented it on the open marketplace for $700 per month. The condo owner was formerly renting the unit for $500 every month.
Because of the War of the Ring, the price of a sword went up to $150. Calculate new wage and employment level in each sector. (c) Do Hobbits gain or lose if the price of a sword goes up to $150? (To answer the quest..
Suppose the payoffs are instead as follows If they both open at location A, theater earns 12 while the restaurnat earns 8. If both open at B, the theater earns 8 and the restaurant earns 12. IF they open at different locations, they both earn 2.
When do firms A and B exit in the unique subgame perfect equilibrium? (Hint: First establish at what time t profits turn negative as a function of the remaining firms, and then argue with generalized backward induction)
In one day, Spain can produce either 1000 TVs that's for 500 computers. In one day, Portugal can produce 2400 TV sets or 600 computers. Which country has the comparative advantage in producing computers? Show me how you figure this out.
Give the before-tax charcoal price and quantity exchanged. Give the after-tax charcoal price to buyers, the quantity exchanged, and total tax revenues.
Suppose in the market for iPhones, the following two changes take place: (1) the cost of making iPhones rises and (2) customers begin to prefer Android-platform smart phones over iPhones. What happens to equilibrium price and equilibrium quantity?
What does the concept of "Ricardian equivalence" refer to? What are the conditions for the Ricardian equivalence to hold? Does it hold in practice?
Elucidate a firm competes in the market. Does the firm engage in price or non-price competition
The global economy in 2011 appears to be headed into a double-dip recession. Based on your knowledge of aggregate demand and aggregate supply, suggest the reasons and causes for the downward tailspin of the economy.
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