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The term "BOGO" ("Buy One Get One", also referred to as "Buy One Get One Free") has entered the urban dictionary, and is a sales tactic whereby sellers offer buyers a second unit of the item free if they pay full price for the first unit. A variation of BOGO occurs when stores offer a "Buy One Get One Half Off" sales promotion. Why do you think consumers respond to the "Buy One Get One Half Off" sales promotion and what principle of economics does this behavior reflect?
Identify the differences and similarities of each budget and what accounts for the major sources of revenue for each and how are the revenue amounts expected to change in the future?
Express output per worker (y=Y/L) as a function of capital per worker and the natural rate of unemployment and write an equation that describes the steady state of this economy.
Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form
Suppose you suddenly realize that your demand estimates might have some uncertainty in them. How might you change value of surplus you give to the customers because of this?
Discuss industry concentration, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
Discuss at least four characteristics of a good business and identify and talk about at least four companies that you regard as having the characteristics of good business.
If nothing else changes, what happens to the price and quantity if the supply curve shifts to the right? What is the law of supply? Give two examples of how you have observed the law of supply at work.
Assume that as the result of recent labor negotiation, wage rates are reduced by 10% in the production procedure employing only capital and labor.
Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
Assume you're in charge of the toll bridge that essentially cost free. The demand for bridge crossings Q is given by P = 60 - 2Q. Draw a demand curve for bridge crossings
Using budget lines and indifference curves, prove to your colleague that he is wrong - decompose the change in price into two components: pure substitution effect, and income effect.
Jeans and alligator or animal shirts: The plain pocket jeans and the Lacoste knockoffs often cost 40% less than brand-name items, yet the knockoffs are essentially identical to the brand-name items.
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