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One of the world's most successful cartels has been the De Beers Central Selling Organization (CSO), which controls about three-quarters of the world's diamonds. This collusive oligopoly has kept diamond prices high by restricting supply. The CSO has also promoted the general consumption of diamonds through advertising and marketing. New supplies of diamonds have been found in Canada and Russia. These new mines, which are outside the direct control of the CSO, want to sell their diamonds on the open market.
How might the CSO cartel be in jeopardy if these new mines in Canada and Russia do not cooperate with the cartel and instead supply their diamonds to the market outside the collusive agreement established by the CSO? Given the situation described in part (a), what do you think would happen to CSO diamond advertising?
This years weather was favorable throughout the country, and this years crop will be 110 million bushels, or 10 percent larger than last years. The price elasticity of demand for corn is 0.50.
The design of a system is to be pursued from one of the available alternatives. Each alternative has a life cycle cost associated with an expected future. The costs for the corresponding futures are given in the following table (in millions of dol..
Plates are made of stainless steel (316) (k = 16.5 W/m · K). For a two-pass/ two-pass arrangement, analyze the problem to see if the proposed design is feasible. Could this heat exchanger be smaller or larger?
Based on the kinds of products or services they produce, what kinds of firms or individuals might be attracted to a country, or state, that relies primarily on sales taxes as opposed to income and payroll taxes?
How might protective tariffs reduce both the imports and the exports of the nation that levies tariffs?
Is the monopoly on patented pharmaceuticals warranted? What barrier to entry prevents the re-importation into the United States of pharmaceuticals sold at lower prices abroad (say, in Canada)?
Suppose that, for a particulra type of firm, the MPL isnot diminishing, but it's also not increasing. What does the MCcurve for this firm look like Why might it make sense to think ofthe firm's capital being, say, a computer network,
Describe what Smith meant by the "invisible hand." What is the mechanism by which selfish interests are made compatible with-indeed, made the agent for- successful social provisioning?
Assume the government cuts its purchases by $150 billion. As a result, the budget deficit is reduced by $40 billion, private domestic saving decreases by $10 billion, disposable personal income decreases by $80 billion
Go Hard has total fixed costs of $2,160 per day. The firm manufactures Go Hard advice kits. The kits have a short-run average variable cost of $48, and all of them can be sold for $66 each. Assuming constant per unit variable costs in the relevant..
A professor is retiring and wants to endow a faculty position in his honor. It is expected that the endowment will need to cover an annual cost of $100,000. What lump sum must he donate to the university if the endowment will earn 10% interest
Based on the information in the "Botox Patent Monopoly" application, what would happen to the equilibrium price and quantity if the government had set a price ceiling of $200 per vial of Botox? What welfare effects would such a tax have?
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