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a. In an auction, potential buyers compete for a good by submitting bids. Adam Galinsky, a social psychologist at Northwestern University, compared eBay auctions in which the same good was sold. He found that, on average, the higher the number of bidders, the higher the sales price. For example, in two auctions of identical iPods, the one with the higher number of bidders brought a higher selling price. According to Galinsky, this explains why smart sellers on eBay set absurdly low opening prices (the lowest price that the seller will accept), such as 1 cent for a new iPod. Use the concepts of consumer and producer surplus to explain Galinsky’s reasoning.
b. You are considering selling your vintage 1969 convertible Volkswagen Beetle. If the car is in good condition, it is worth a lot; if it is in poor condition, it is useful only as scrap. Assume that your car is in excellent condition but that it costs a potential buyer $500 for an inspection to learn the car’s condition.
Use what you learned in part a to explain whether or not you should pay for an inspection and share the results with all interested buyers.
Explain how international trade restrictions hurt the American consumer. Provide an example to support your argument.
Estimate the weekly sales for the typical McPablo's outlet and what is theniffent price elasticity for tacos? What is the advertising easnaty - should McPablo's raise its taco pdce? Why or why not?
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
If Apple reduced its price for the shuffle, what do you think would happen to their profit? What impact would the price decrease have on their competitors? Explain by considering the elasticity of shuffles).
Cubby Company entered into a lease contract for ten photocopy machines for its corporate headquarters. The lease contract qualifies as an operating lease in all terms except there is a bargain buy option.
The variables in the model with particular attention paid to whether consumer spending will increase, job growth will occur, and wages will rise.
What happens to the scale of firms in the long run What motivates firms to choose the scale of operation that they do How does the market adjust in the long run when firms are earning short-run economic profits
Owners of digital cameras have to buy memory cards in order to use the cameras. Cameras and memory cards are substitutes or complements,
Why is it not surprising to find that in the oligopoly which sells basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Discuss the long run implications of monopolistic competition with respect to (a) utilization of plant, (b) allocation of resources, and (c) advertising and product differentiation. Compare this to the situation of perfect competition.
Apply the concept of price elasticity to a purchasing decision you made within the past year. Give an example on how the elasticity of demand helped you determine whether a product or service was a luxury to have or a necessity.
During that summer, he charged $1.69 each gallon for unleaded gas during daytime & $2.59 each gallon at night,
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