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Economics
Major professional schools are highly competitive and most applicants do not get past the admissions process. That makes admissions a critical gatekeeper function for these schools. Given that, why
How might favorable location within the interpersonal networks within a firm help an individual acquire and maintain additional bases of power?
How would you go about identifying the powerful people within your organization? What indicators would you look for? From what types of problems would these indicators suffer?
All firms operate within an institutional environment of some kind. How do the common beliefs, values, and norms of behavior that characterize the institutional environment affect the ability of
Discuss the idea of structural holes in the context of competitive strategy. How can you link network advantage to value creation and competitive advantage for firms enjoying favorable positions?
While every firm has a culture, not all cultures are relevant for a decision maker or analyst. Under what conditions is it important to pay attention to culture? When is it less important to analyze
You are in the market for a new refrigerator for your company's lounge, and you have narrowed the search down to two models. The energy-efficient model sells for $1,700 and will save you $45 in
You are in the market for a new refrigerator for your company's lounge, and you have narrowed the search down to two models. The energy-efficient model sells for $1,700 and will save you $45 in
The head of the accounting department at a major software manufacturer has asked you to put together a pro forma statement of the company's value under several possible growth scenarios and the
According to The Wall Street Journal, merger and acquisition activity in the first quarter rose to $5.3 billion. Approximately three-fourths of the 78 first-quarter deals occurred between information
Complete the accompanying table and answer the accompanying questions.a. At what level of the control variable are net benefits maximized?b. What is the relation between marginal benefit and marginal
Revenue at a major smart-phone manufacturer was $2.3 billion for the nine months ending March 2, up 85 percent over revenues for the same period last year. Management attributes the increase in
For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 4 percent. If, as a result of this price increase, the volume of all cereal sold by Big G dropped
You are a manager in charge of monitoring cash flow at a major publisher. Paper books comprise 40 percent of your revenues, which grow about 2 percent annually. You recently received a preliminary
As newly appointed "Energy Czar," your goal is to reduce the total demand for residential heating fuel in your state. You must choose one of three legislative proposals designed to accomplish this
With milk sales sagging of late, The Milk Processor Education Program (MPEP) decided to move on from the famous "Got Milk" ad slogan in favor of a new one, "Milk Life." The new tagline emphasizes
Suppose that News Corp., which controls the United States' largest satellite-to-TV broadcaster, is contemplating launching a Space-way satellite that could provide high-speed Internet service. Prior
Recently, Verizon Wireless ran a pricing trial in order to estimate the elasticity of demand for its services. The manager selected three states that were representative of its entire service area
Suppose the cross-price elasticity of demand between goods X and Y is 4. How much would the price of good Y have to change in order to increase the consumption of good X by 20 percent?
It is common for supermarkets to carry both generic (store-label) and brand-name (producer-label) varieties of sugar and other products. Many consumers view these products as perfect substitutes,
The U.S. government spends over $74 billion on its Supplemental Nutrition Assistance Program (SNAP) to provide millions of Americans with the means to purchase food. Beneficiaries use an Electronic
An internal study at Mimeo Corporation-a manufacturer of low-end photocopiers- revealed that each of its workers assembles three photocopiers per hour and is paid $6 for each assembled copier.
The Einstein Bagel Corp. offers a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $6. After a consumer accrues 10 stamps, she receives one
The average 15-year-old purchases 100 song downloads from iTunes and buys 20 cheese pizzas in a typical year. If cheese pizzas are inferior goods, would the average 15-yearold be indifferent between
A common marketing tactic among many liquor stores is to offer their clientele quantity (or volume) discounts. For instance, the second-leading brand of wine exported from Chile sells in the United
Suppose that a CEO's goal is to increase profitability and output from her company by bolstering its sales force and that it is known that profits as a function of output are π = 40q − 2q2 (in
Suppose that the owner of Boyer Construction is feeling the pinch of increased premiums associated with worker's compensation and has decided to cut the wages of its two employees (Albert and Sid)
Over the past decade, holiday gift cards have become increasingly popular at online retailers. Not long ago, online shoppers had to really hunt at most e-retailers' sites to purchase a gift
You were recently hired to replace the manager of the Roller Division at a major convey or manufacturing firm, despite the manager's strong external sales record. Roller manufacturing is relatively
A local restaurateur who had been running a profitable business for many years recently purchased a three-way liquor license. This license gives the owner the legal right to sell beer, wine, and
In the wake of the energy crisis in California in 2000 and 2001, many electricity generating facilities across the nation periodically reassess their projections of future demand and capacity for
The A-1 Corporation supplies airplane manufacturers with preformed sheet metal panels that are used on the exterior of aircraft. Manufacturing these panels requires only five sheet metal-forming
A firm's product sells for $4 per unit in a highly competitive market. The firm produces output using capital (which it rents at $25 per hour) and labor (which is paid a wage of $30 per hour under a
You are the manager of a large but privately held online retailer that currently uses 17 unskilled workers and 6 semiskilled workers at its warehouse to box and ship the products it sells online.
Recently, Air Liquide signed a long-term contract with Yan'an Energy and Chemical Co., a subsidiary of Yanchang Petroleum Group-one of China's largest firms engaged in oil and natural gas exploration
Business-process outsourcing (BPO) is a type of outsourcing that consists of contracting operations and responsibilities of a specific business process (e.g., human resources) to a third-party
Home-Grown is a small restaurant that specializes in serving local fruits, vegetables, and meats. The company has chosen to enter into a long-term relationship with Family Farms, a local farming
Jim's diner is just about to open in Memphis, Tennessee. However, Jim is trying to decide whether he wants to offer Coke or Pepsi soda products. He determines that, to offer either product, he will
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2 million. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to
Suppose Fiat recently entered into an Agreement and Plan of Merger with Case for $4.3 billion. Prior to the merger, the market for four-wheel-drive tractors consisted of five firms. The market was
Recently, Pfizer and Allergan-the makers of Viagra and Botox, respectively-initiated a $160 billion merger. Pharmaceutical companies tend to spend a greater percentage of sales on R&D activities than
In 2006, the five leading suppliers of digital cameras in the United States were Canon, Sony, Kodak, Olympus, and Samsung. The combined market share of these five firms was 60.9 percent. The leading
The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -3. The firm's marginal cost is constant at $20 per unit.a. Express the firm's
In a statement to Gillette's shareholders, its CEO indicated, "Despite several new product launches, Gillette's advertising-to-sales declined dramatically . . . to 7.5 percent last year. Gillette's
Recently, the spot market price of U.S. hot rolled steel plummeted to $400 per ton. Just one year ago, this same ton of steel cost $700. According to Metals Monitor, the drop in price was due to
Last month you assumed the position of manager for a large car dealership. The distinguishing feature of this dealership is its "no hassle" pricing strategy; prices (usually well below the sticker
In the late 1990s, Vanguard Airlines operated as a low-cost carrier, offering low prices and limited services, out of Kansas City, Missouri. Not long after its inception, 300 Vanguard began offering
Consider a homogeneous-product duopoly where each firm initially produces at a constant marginal cost of $200 and there are no fixed costs. Determine what would happen to each firm's equilibrium
Use the following one-shot, normal-form game to answer the following questions.a. Find each player's dominant strategy, if it exists. b. Find each player's secure strategy. c. Find the Nash
Using the same payoff matrix as in question 9, suppose this game is infinitely repeated and that the interest rate is sufficiently "low." Identify trigger strategies that permit players 1 and 2 to
While there is a degree of differentiation between major grocery chains like Albertsons and Kroger, the regular offering of sale prices by both firms for many of their products provides evidence that
You are the manager of a firm that manufactures front and rear windshields for the automobile industry. Due to economies of scale in the industry, entry by new firms is not profitable. Toyota has
At a time when demand for ready-to-eat cereal was stagnant, a spokesperson for the cereal maker Kellogg's was quoted as saying, " . . . for the past several years, our individual company growth has
In a two-player, one-shot, simultaneous-move game, each player can choose strategy A or strategy B. If both players choose strategy A, each earns a payoff of $400. If both players choose strategy B,
Use the following payoff matrix for a simultaneous-move one-shot game to answer the accompanying questions.a. What is player 1's optimal strategy? Why? b. Determine player 1's equilibrium payoff.
Use the following normal-form game to answer the following questions.a. For what values of x is strategy D (strictly) dominant for player 2? b. For what values of x is strategy B (strictly) dominant
You are the owner of a local Honda dealership. Unlike other dealerships in the area, you take pride in your "no-haggle" sales policy. Last year, your dealership earned record profits of $1.5 million.
According to International Data Corporation (IDC), the number of worldwide smart-phone owners will soon exceed 1.5 billion. That number is expected to grow at nearly 10 percent per year for the next
The American Baker's Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was
As a manager of a chain of movie theaters that are monopolies in their respective markets, you have noticed much higher demand on weekends than during the week. You therefore conducted a study that
Heathrow Airport Holdings is a private company that operates Heathrow Airport in London. Suppose the company recently commissioned your consulting team to prepare a report on traffic congestion at
Suppose the European Union (EU) is investigating a proposed merger between two of the largest distillers of premium Scotch liquor. Based on some economists' definition of the relevant market, the two
You manage a company that competes in an industry that is comprised of four equalsized firms that produce similar products. A recent industry report indicates that the market is fairly saturated, in
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1's elasticity of demand is −3, while group 2's is −5. Your marginal
Recently the pharmaceutical company Mylan attempted a hostile takeover of generic drugmaker Perrigo. Perrigo reported a net loss the year before the attempted takeover, which was partially driven by
You are considering a $500,000 investment in the fast-food industry and have narrowed your choice to either a McDonald's or a Penn Station East Coast Subs franchise. McDonald's indicates that, based
You are the manager of a firm that sells a "commodity" in a market that resembles perfect competition, and your cost function is C(Q) = 2Q + 3Q2. Unfortunately, due to production lags, you must make
An advertisement in the local paper offers a "fully loaded" car that is only six months old and has only been driven 5,000 miles at a price that is 20 percent lower than the average selling price of
On November 18, 2012, Nintendo released its eighth-generation video game console, the Wii U. In November 2013, Microsoft and Sony followed suit by releasing the Xbox One and PlayStation 4,
Suppose that, prior to other firms entering the market, the maker of a new smart-phone (Way Cool, Inc.) earns $80 million per year. By reducing its price by 60 percent, Way Cool could discourage
You are the manager of 3D Designs-a large imaging company that does graphics and web design work for companies. You and your only competitor are contemplating the purchase of a new 3-D imaging
In 2015 Qualcomm, Inc., an American multinational semiconductor company, came under scrutiny for its business practices by the United States and the European Union. It was argued that Qualcomm was
Two firms compete in a homogeneous product market where the inverse demand function is P = 20 − 5Q (quantity is measured in millions). Firm 1 has been in business for one year, while firm 2 just
Enrodes is a monopoly provider of residential electricity in a region of northern Michigan. Total demand by its 3 million households is Qd = 1,500 − 2P, and Enrodes can produce electricity at a
China's entry into the World Trade Organization (WTO) in 2001 created more competition between local and foreign firms, and also provided China greater access to the market for exports. This was
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z, the demand for consumer loans was given by Qdpre-TILSA = 12 - 100P (in billions of dollars) and the
Using the estimated demand function for processed pork in Canada, Equation 2.2, show how the quantity demanded, Q, at a given price changes as per capita income, Y, increases slightly (that is,
Suppose that the inverse demand function (where the demand curve is rearranged so that price is a function of quantity) for movies is p = 120 - Q1 for college students and p = 120 - 2Q2 for other
In the application "Aggregating the Demand for Broadband Service" (based on Duffy-Deno, 2003), the demand function is Qs = 5.97p-0.563 for small firms and Ql = 8.77p-0.296 for larger firms, where
Given the pork supply function in Equation 2.6, how does the supply function that is only a function of price, Equation 2.7, change if the price of hogs doubles to $3 per kg?
Between 1971 and 2006, the United States from time to time imposed quotas or other restrictions on importing steel. A quota says that no more than Q̅ > 0 units of steel can be imported into the
Use a supply-and-demand diagram to explain the statement "Talk is cheap because supply exceeds demand." At what price is this comparison being made?
If the demand function is Q = 110 - 20p, and the supply function is Q = 20 + 10p, what are the equilibrium price and quantity?
Green, Howitt, and Russo (2005) estimate the supply and demand curves for California processing tomatoes. The supply function is ln Q = 0.2 + 0.55 ln p, where Q is the quantity of processing tomatoes
The 9/11 terrorist attacks caused the U.S. airline travel demand curve to shift left by an estimated 30% (Ito and Lee, 2005). Use a supply-and demand diagram to show the likely effect on price and
Ethanol, a fuel, is made from corn. Ethanol production increased more than 8.5 times from 1,630 million gallons in 2000 to 13,900 million gallons in 2011 (www.ethanolrfa.org/pages/statistics). Use a
The supply function is Q = 20 + 3p - 20r, and the demand function is Q = 220 - 2p, where r is the rental cost of capital. How do the equilibrium price and quantity vary with r?
Using calculus, determine the effect of an increase in the price of beef, pb, from $4 to $4.60 on the equilibrium price and quantity in the Canadian pork example. (Conduct an analysis that differs
Due to a recession that lowered incomes, the 2008 market prices for last-minute rentals of U.S. beachfront properties were lower than usual. Suppose that the inverse demand function for renting a
Lewit and Coate (1982) estimated that the price elasticity of demand for cigarettes is -0.42. Suppose that the daily market demand for cigarettes in New York City is Q = 20,000p-0.42 and that the
Given the answer to Exercise 2.3, what effect does a U.S. quota on steel of Q̅ > 0 have on the equilibrium in the U.S. steel market? (The answer depends on whether the quota binds: is low enough to
Suppose the demand function for carpenters is Q = 100 - w, and the supply curve is Q = 10 + 2w - T, where Q is the number of carpenters, w is the wage, and T is the test score required to pass the
Solved Problem 2.4 claims that a new war in the Persian Gulf could shift the world oil supply curve to the left by 3 million barrels a day or more, causing the world price of oil to soar regardless
Calculate the elasticity of demand, if the demand function is a. Q = 120 - 2p + 4Y, at the point where p = 10, Q = 20, b. Q = 10p-2.
In the application "Aggregating the Demand for Broadband Service" (based on Duffy-Deno, 2003), the demand function is Qs = 5.97p-0.563 for small firms and Ql = 8.77p-0.296 for larger ones. As the
When the U.S. government announced that a domestic mad cow was found in December 2003, analysts estimated that domestic supplies would increase in the short run by 10.4% as many other countries
According to Borjas (2003), immigration to the United States increased the labor supply of working men by 11.0% from 1980 to 2000, and reduced the wage of the average native worker by 3.2%. From
Keeler et al. (2004) estimate that the U.S. Tobacco Settlement between major tobacco companies and 46 states caused the price of cigarettes to jump by 45¢ per pack (21%) and overall per capita
In a commentary piece on the rising cost of health insurance ("Healthy, Wealthy, and Wise," Wall Street Journal, May 4, 2004, A20), economists John Cogan, Glenn Hubbard, and Daniel Kessler stated,
Show that the supply elasticity of a linear supply curve that cuts the price axis is greater than 1 (elastic), and the coefficient of elasticity of any linear supply curve that cuts the quantity axis
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