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Online shopping is also growing. What reasons can you suggest for the growth in these forms of shopping?
Distinguish between economies of scale and economies of scope. Why do some firms produce multiple product lines, while others produce only one?
Why do some oil companies drill for their own crude oil and others buy crude oil in the market?
(Rationale for the Firm) Explain Ronald Coase's theory of why firms exist. Why isn't all production consolidated in one large firm?
Identify the rate of interest and quantity of funds lent for purchasing new cars.
Show how an increase in demand for loanable funds arising from newfound optimism in the business community about future economic growth could increase?
How have interest rates changed over the past year? Compare the graphs for several different securities. Have the rates on various securities moved identically?
If the marginal resource cost rose to $24,000 what would be the optimal investment at a market interest rate. What would be the optimal level of investment?
Describe the three ways in which corporations acquire funds for investment. What role do securities exchanges play in financing corporations?
Show how to compute the cost to the state of paying out such a prize. Assume payments are made at the end of each year.
(Consumption, Saving, and Time) Explain why the supply of loanable funds curve slopes upward to the right.
Illustrate the effect in the market for musicians when the musicians are successful in having their demands met.
New England shoe manufacturers hired workers in a competitive labor market. Show the effects of a union wage rate that is higher than the market wage rate.
However, for each additional dollar per hour, she would cut back on work by one hour per week. In the diagram, sketch both parts of Kelly's labor supply curve.
What's going on in the world of organized labor? Is the example you found consistent with the trends described in this chapter?
Do any of these individuals exhibit a backward-bending labor supply curve? Is the market supply curve for these five individuals backward bending?
Read several position descriptions for jobs that are of interest to you. Identify the education and skill requirements of the positions.
Do you think the unions would have been more successful in organizing this group than IT workers? Why or why not?
Why might firms in industries with high fixed costs be inclined to prevent strikes or end strikes quickly?
Distinguish between mediation and binding arbitration. Under what circumstances do firms use these tools? What is the role of a strike in bargaining process?
Why do the firms in an oligopoly act independently or interdependently? Explain your answer.
What benefits might cause us to prefer the monopolistically competitive result to the perfectly competitive result?
Analyze what role can advertising play in product differentiation? How can advertising become a barrier to entry?
However, the industry is soon to be opened to competition. Identify the price and quantity that would be expected in a competitive market for electric power.
Identify the price Sal would charge. Add an average total cost curve so that the average cost per unit is $30. Create a shaded box illustrating profits.