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1. You compete with many firms offering similar products (monopolistic competition). An economic consulting firm has estimated the own-price elasticity for your most profitable product is -1.50. Your marginal cost is constant at $75 across most of your production volume capability. What price will maximize profits? Show the computation.
2. Define the types of price discrimination and explain why 1st degree discrimination is very difficult to practice. Provide 1 example where a form of 1st degree discrimination is practiced. 3. Complete and label the diagram showing the numbers of seats sold and price for leisure and business passengers. Answer the following questions:
a. If the price of fuel increases modestly, will fares increase?
b. Are all seats sold? If not, wouldn't the airline make more money by selling more seats at a lower price?
4. Explain the conditions necessary for a firm to practice 3rd degree price discrimination and using airline conditions as examples. 5. Wall-Mart offers to match the price of any competitor. Why is guarantee not necessarily a benefit to consumers?
Can the problems of imperfect and asymmetric information be used to enrich Coase's theory of the firm? How?
apple inc. has made a rare fashion miscalculation they have produced 8000 neon green ipods but have sold almost none.
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During 2001 recession, there were 2.1 million jobs lost and unemployment rose from 3.9% to 6.3%. Real GDP growth slowed to 0.8% compared to 3.9% average annual growth during 1994–2000. Using IS-LM model to explain the causes of the 2001 recession. Ex..
What were the labor-force participation rate and the unemployment rate
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A revolutionary technology used in the production of brown rice lowers its cost of production given ceteris paribus. As a result, the market changes to a new equilibrium because of a(an)
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