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Questions
1. On page 24, Ariely argues that "there was no market for Tahitian black pearls and little demand." What elements of a market were missing and how did "the pearl king" change that?
2. What is imprinting and anchor pricing? Can people grab onto a new anchor price?
3. What is herding behavior and how does it get people to keep paying higher prices at Starbucks?
4. How much money would you need to be paid to voluntarily listen to 30 seconds of screeching? Why was this a good experiment design for determining anchor prices?
Lora, Missouri, must either contract out its landfill operations or build a new municipal landfill.
How are we going to share our thoughts about the quote by Mr. Friedrich August von Hayek that "The curious task of economics is to demonstrate to men how little
Rising oil prices cause airlines to adjust flight schedules. Show the effect on airline prices and quantity demanded. Show the shift of supply and/or demand curves and explain why the curve(s) shifted.
Despite our elegant models of supply and demand analysis, in real life some prices don’t adjust to changes in market forces right away. Which are typically the slowest to respond?
Describe the Heckscher-Ohlin model (also known as the factor endowment). How does it predict countries will emphasize their comparative advantage?
How would parties to the World Trade Organization be able to establish a free trade agreement without violating the most favored nation rule?
The demand function for a good is Q=1200-P while the supply functions is Q=-200+P. World price is $400 and the domestic production subsidy is $200.
Demonstrate your knowledge of the Monopoly market structure by completing the following points. Explain the monopolist Describe and/or analyze graphically the firm’s profit-maximizing,Break-even, and shut-down conditions Describe the short and long r..
What price and quantity of computers should MichiganSux produce to maximize profits? What long-run adjustments should be anticipated? Explain?
A definitive estimate for the cost of a 20,000-ton/ year oxygen plant is $15M.
The Bramwell Corporation has estimated its demand function and total cost function to be as follows:
Why is their a growing disparity between the rich and poor in the US? What are some of the reasons for this and what should the government do to bring about growing equality with income? Do we as citizens have an ethical responsibility to help the po..
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