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Outdoor World, Inc. is a retailer of sporting goods, equipment, and accessories for use in outdoor sports and camping. This week, the manager of Outdoor World places an advertisement in the newspaper "Coleman Tents- 50% off-This Week Only! William, in the market for a tent, saw the advertisement and went to Outdoor World the first day the ad ran in the AJC. When William arrived at the store, the manager explained to William that the Coleman Tent was temporarily out of stock, and instead tried to sell him the Tectonic Tent, which is much more expensive. Does the manager's conduct constitute a deceptive trade practice? What law governs unfair trade practices?
Explain how the following cases involve price discrimination, and how the seller attempts to prevent arbitraging the two prices: 1. A cement firm requires in a sale that it delivers the cement to the buyer, and wants to know the buyer's location.
Suppose w = $100. There are two commodities, electricity and food. Each unit of food costs $1. The Örst 20Kwh electricity cost $1 per Kwh, but the price of each incremetal unit of electricity is $1:50 per Kwh. Write the consumers is budget set formal..
Assume ESPN introduces a new performance comparison system for NBA players (basketball), i.e. preference relation for ranking players as strictly better, weakly better or indifferent (equally good). ESPN’s new criterion (the preference relation) is d..
How was ISI with the perceived ever-declining terms of trade in Latin America? Did ISI succeed to achieve the goal of industrialization and economic growth?
Consider the Harrod-Domar relationship for an economy: Assume that the depreciation rate is 0. A country can only save 15 percent but wants to grow 15 percent. Assuming the ICOR is 3, the gap of ____ should be provided by foreign aid.
You observe that states with higher income tax rates also tend to have higher rates of employer-provided health insurance. Is this fact a good test of the effects of tax policy on the demand for employer-provided health insurance? Explain.
Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7, where Q is total output or units produces; K, capital; L, labor; and M, materials. That is this is an input factor production function. Find and interpret the output..
Do you think these firms would welcome congressional legislation which restricted the amount that any one firm could spend on advertising to $1 million yearly, and thereby allowed them all to drastically reduce their costs without fear of losing grou..
According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Rental rate of Capital? Marginal productivity of labor? To minimize costs Mitsubishi should hire ca..
Assume there are N firms A1 , . . ., AN serving a market with demand given by D(p). Assume that these firms compete for market share via quantity competition. Finally, let cAi (Q) denote the cost function for firm Ai. Describe this environment as a g..
q.suppose you go to buy a gm car. the car is priced at 24000. the salesperson offers you financing along free interest
Draw a long-run average total cost curve. What other names does it have? Why? There are three separate regions of it. List and explain each of them. List the reasons for the left side of this curve.
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