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Consider a company which negotiates contracts with buyers once every two years and which sells sophisticated machinery. Explain why it would be difficult for this company to collude.
Analyze whether the person will accept the gamble. Consider a person with an initial wealth level of $200 who faces a chance to win $60 with probability 1/4 and lose $20 with probability 3/4.
Suppose you want this person to sell you this ticket, illustrate what is the minimum amount of money this person will ask you for.
Compute the insurance amount against the losses. Illustrate what is the most a consumer would pay for insurance against these losses.
You are the manager of the customer service department at a bank and you want to hire customer service representatives for a newly opened bank branch.
Estimate the regression output and economically interpret the regression results. Assuming which the underlying demand relation is a linear function of price and income, use excel program to estimate
Suppose an analyst has been hired to estimate the price elasticity of demand for a university education and for an education at Illinois State University, respectively.
Suppose a monopolistically competitive company comes up with a new innovation which allows it to earn above-normal economic profits.
Suppose a national brewing organization undertakes a successful ad campaign. Suppose also which the organization's workers go on strike and are able to negotiate a hefty wage increase.
Suppose which, over time, engineers develop new residential furnaces which can run on different types. How would this technological change affect the price elasticity of demand for natural gas. &n
Estimate the equilibrium price, output, consumer surplus. Consider a monopoly with a demand function.
The monopoly cannot separate the market and practice price discrimination. The monopoly can separate the market and practice price discrimination.
Suppose the price of the output is $16/unit instead, if the company wants to maximize its profit, illustrate what should it do? Explain in detail with the aid of a diagram.
Explaining the factors affecting the shape of the production possibilities frontier. Imagine a society which capable to produces military goods and consumer goods affectionately.
Explain how you could use OLS regression results from the two versions of the model to formally test whether or not the true production function exhibits constant returns to scale.
Estimate the equilibrium price and quantity of gasoline. Suppose which in a city there are 100 identical self-service gasoline stations selling the same type of gasoline.
Suppose which now the market is monopolized a cartel is formed which determines the price and output as a monopolist would and allocates production equally to each member.
Can we say which the monopoly leads to a less efficient use of resources than perfect competition. Illustrate what is the amount of the deadweight loss, if any.
At equilibrium illustrate what is the government budget deficit. Illustrate what is the specific condition (equilibrium or amount or disequilibrium) in the goods and money markets at Y = 7500 and r =
Find the equation for Ap, equation for the IS and LM curve. Illustrate what is the equation for the equilibrium value of Ap.
Which of the subsequent approaches to understanding and predicting consumer behaviour depends primarily on the knowledge and experience of a company's employees and its suppliers.
Multiple choice questions about economic model, opportunity cost, production possibilities frontier.
Multiple choice questions related to production possibilities frontier, free business, circular-flow model, normative statement.
Compute the coefficient of price-elasticity of supply for the seven prices ranges given above and complete the table. Illustrate what do you notice about the algebraic signs for the values w
Find economics of scope and cost complementarities with estimated the cost function.