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1. The Harley-Davidson motorcylce company, which had a copyright on the word "hog", applied for the exclusive rights to its engine sound.
a) Why would Harley-Davidson want these copyrights?
b) Do you think the law should provide copyright protection such as this? What are the pros and what are the cons from the standpoint of society as a whole?
2. Grocery stores and gas stations in a large city would appear to be examples of competitive markets. There are numerous, relatively small sellers, each seller is a price taker and the products are quite similar.
a) Is is possible these markets are perfectly competitive? How could we argue that the firms face a demand curve that is not perfectly elastic? Use the definitions and characteristics of the differenct market structures to justify your reasoning.
b) How profitable do you expect grocery stores and gas stations to be in the long run?
What are the various objectives of taxation? What are the characteristics of a good tax system? Explain. Explain Wagner's Law. Explain the various factors that account for the growth of government expenditures in most countries in the past five decad..
Your consulting firm was just granted an exclusive contract for your state. You now must decide your pricing policy, given the following relationships: P = $1400 – 0.0004Q MR = $1400 – 0.0008Q AVC = $1000 where P is the price, Q the quantity, and AVC..
A price searcher faces a demand that is given by P = 100/Q. What does the Marginal Revenue curve look like (graph it). What is the value of elasticity of demand at quantities Q = 10; Q = 50; Q = 100? Can you make a general statement about the value o..
Provide a five year history of the "Big Three" macro economic variables (GDP Growth, Unemployment Rate, and Inflation Rate).
Why would your company have bid with a zero mark-up on some past tenders? Why didn't it win all of those contracts? What is the bid price that maximizes the expected contribution of the contract?
According to the Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and cap..
Suppose that individuals in this economy invest 30% (use .30 in the graph) of what they produce; the labor force in this economy grows at 5% (use .05) per year; and 10% (use .1) of the capital stock wears out each year. Suppose that the capital labor..
If interest rates are higher than what individuals consider normal, they will
Percentage of underweight children number of countries
A large and fast growing suburb of Rochester is considering expanding the size of its community park system by purchasing over 500 acres of undeveloped land located near a current park site. Describe four different approaches to natural resource valu..
Month/Year Unemployment Rate July/1958 7.5% August/1958 7.4% September/1958 7.1% October/1958 6.7% November/1958 6.2% December/1958 6.2% January/1959 6.0% February/1959 5.9% March/1959 5.6% April/1959 5.2% May/1959 5.1% June/1959 5.0% Which of the fo..
Identify the legal concept of negligence and discuss the demands necessary to establish a negligence cause of action. Be sure to pay particular attention the issues of causation, foreseability, proximate cause and the defense one may have to a neglig..
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