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What would you predict would happen to the economic profits of the drug dealer? Suppose families in South America form a cartel. What is the result of cartel?
Suppose the Disney Company was experiencing above-normal profits. What would you predict would happen over time?
Give ten examples of differentiated goods or services. Describe profit maximization in terms of marginal revenue and marginal costs.
What market structure is this firm operating in? What would change if the structure were monopolistic competition?
Draw a perfectly elastic demand curve on top of a standard U-shaped, average-total-cost curve. Now add in the marginal-cost and marginal-revenue curves.
During the past years, which sectors had the largest and smallest percentage increase in profit? Which sectors, if any, experienced losses?
What is the impact on Apple and Tesla? What is the impact on individuals who purchase the product?
Analyze the most significant economic effects of the researched issues on healthcare industry.
Suppose that preferences are convex but not strictly convex. Give a clear and convincing argument. Illustrate your argument with a two-good example.
Your company has a customer who is shutting down a production line. If you must commit to a posted price, what price maximizes profits?
What do you think they mean by this, and is it a valid conceptualization?
Find recent evidence in the Wall Street Journal and other business publications on how com- panies are expanding the use of the techniques described.
What is the dominant Nash Equilibrium Strategy for repeated prisoner's dilemma game, when both players know that game will end after one million repetitions?
How companies expanding the use of techniques described in the opening case to understand the impact consumer behavior?
Give a clear and convincing argument that a solution to the consumer's problem still exists, but that it need not be unique.
How does a currency depreciation affect the balance of payments? When might a currency depreciation intended to correct a current account deficit fail?
How a central bank might intervene in the foreign exchange market to prevent the decline in the exchange rate?
How did fixed exchange rates contribute to these crises? Why are fixed rates unsustainable in a world of global capital markets?
Why is purchasing power parity theory likely to be a defective explanation for the level of an exchange rate in the short run?
What do you understand by the term customs union? Give an example of a free trade area that is a customs unions.
In what ways can financing from international bodies such as World Bank and the Asian Development Bank contribute to reducing poverty in low-income economies?
What difficulties might be created within the EU from the accession of the lower-income economies of central, eastern and southern Europe?
What do you understand by the term business cycle? Compare and contrast long-wave theory with the theories of shorter-term business cycles.
Calculate the total level of savings from the new level of income and the change in consumption that will result from the higher income now received.
Draw an appropriate diagram to show how a change in disposable income is likely to impact on aggregate planned expenditure.