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1) In your opinion, is Microsoft a monopoly? If not, which qualification is not satisfied?
2) Sport shoes industry is an oligopoly market. If Nike cuts the product price, how will Adidas react? In contrast, if Nike raises the product price, what will Adidas do? Just give a general comment.
How does the appreciation or depreciation of a currency impact exchange? Do you think it will impact employment levels?
Suppose Shiva has preferences different from those discussed in class, as indicated by the following: If he consumes more milk (M) than bread (B), then he will always be willing to give up 2 units of milk for 1 additional unit of bread to remain indi..
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitute's one product for another. Use examples to illustrate.
How can we account for the upheaval in orientation from focusing on product profitability to focusing on customer profitability? If it's such a good idea, why didn't companies operate from the perspective of building customer value 50 years ago?
Several different approaches outlined in the readings and notes were used to analyze the market system once it developed (e.g., Mandeville
Suppose that each worker in the Foreign country can produce two cars or three TVs. Assume that Foreign also has four workers. Graph the production possibilities frontier for the foreign country. What is the no-trade relative price of cars in Foreign?
Suppose that demand is given by the equation: Using the midpoint formula, calculate the elasticity for demand when the price changes from $49 to $51. Would you classify the elasticity you calculated as elastic, inelastic, or unit elastic?
Suppose consumer 1 has the demand function given by D1(p) = 15−p and consumer 2 has the demand function given by D2(p) = (20 − p)/3. At what price the total quantity demanded by the two consumers is 7?
Suppose a manufacturing firm dumps its waste into the river, causing pollution downstream where residents like to water ski and fish. The marginal external cost to the residents is $800 for their diminished recreational enjoyment. What is the efficie..
Assume that someone has inherited 2,000 bottles of wine from a rich uncle. He or she intends to drink these bottles over the next 40 years. Suppose that this person’s utility function for wine is given by u(c(t)) = (c(t))0.5, where c(t) is each insta..
Is there a relationship between a currency's value and its balance-of-trade? (Effectively defend your answer with citations).
Suppose that there are two firms competing in the market for taxi services. Big Ben Taxis has the marginal cost MCB = $9 per trip, and the fixed cost FCB = $3,000,000. Find the equilibrium price and quantities for the case in which the two taxi compa..
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