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Robots on the farm Commercial farms of the future may be staffed by robots that will identify. Explain how using robots will create better paying farm jobs.
How will the use of robots change the value of marginal product of farm workers?
Explain the effects of not enough itinerant workers at harvest time on the market for farm labor.
Explain the influence of these events on Palm Island's labor market and land market.
If your college switched to online delivery of its courses, what changes do you predict would occur in the factor markets in the town where your college is loca
Describe the price-fixing scheme as the equilibrium outcome of an oligopoly cartel game played by the airlines. Explain why the cartel survived.
Explain how the price-fixing scheme benefited the airlines and imposed costs on consumers.
Sketch a graph to illustrate the effects of the FCC's new regulations on the price, quantity, consumer surplus, producer surplus, and deadweight loss.
Draw a graph to illustrate the effects of the FCC's new regulations on the price, quantity, consumer surplus, producer surplus, and deadweight loss.
What barriers to entry exist in the cable television market? Are high cable prices evidence of monopoly power?
Hawaii Cable Television is a natural monopoly. Sketch a market demand curve and the firm's cost curves. Use your graph to work Problems.
If Hawaii Cable is regulated in the social interest, show in your graph the price, quantity, economic profit, consumer surplus, and deadweight loss.
Describe how Hawaii Cable's economic profit, consumer surplus, and deadweight loss would change.
Why did grain prices fall in 2008? Draw a graph to show the short-run effect on an individual farmer's economic profit.
If the price of oil remains low for some years, what will be the long-run effects on the market for ethanol and the number of ethanol producers?
What is Blue Rose's profit-maximizing output? What price does Blue Rose Inc. charge and is it efficient?
If Hawaii Cable is unregulated and maximizes profit, show in your graph the price, quantity, economic profit, consumer surplus, and deadweight loss.
Which of these markets are examples of monopolistic competition? Explain your selections.
How does Microsoft set the price of Windows and would it be in the firm's self-interest to set a different price for a version stripped of IE?
Why might Microsoft offer the full version of Windows 7 to European customers at a lower upgrade price?
Why the economic profit that Callaway and Nike make in this market is likely to be temporary. Draw a graph to illustrate their excess capacity in the long run.
How are Callaway and Nike attempting to maintain economic profit? Draw a graph to illustrate Callaway's or Nike's short-run economic profit in the market.
Why would Apple Inc. launch iTunes Radio? Explain how the economic profit of firms in the streaming-music market will likely change as competition intensifies.
Create the payoff matrix for this game. What is the equilibrium of this game? Is the equilibrium efficient? Is this game a prisoners' dilemma?
Describe the strategies in the game that Coca-Cola and PepsiCo play. With some assumed payoffs, create a payoff matrix for game and find equilibrium outcome.