Tài liệu Microeconomics for MBAs 37 docx
Tài liệu Microeconomics for MBAs 37 docx
... profit incentive for expansion. If it expands before other firms, its lower
average total cost will allow it to make greater profits for a short period of time.
Consider Figure 11.9, for instance. ... others are going to do, for one function of the market is to
generate the pricing and output information people need to interact with one another.
In a world of imperfect informati...
Tài liệu Microeconomics for MBAs 9 docx
... mathematical formula for computing the present value of future costs or benefits received one year
from now is PV = [1/(1 + r)] f, where PV stands for present value, r for the rater of interest, and f for ... each choice, a person must forgo one or more things for something else. All
rational behavior involves a cost, which is the value of the most preferred alternative
forgone....
Tài liệu Microeconomics for MBAs 10 docx
... on that
information. People cannot assimilate all the information they need to make
rational choices, however. People do lack information, and they could make
better choices if information ... does not require perfect information. People will make choices on
the basis of the information they have or can rationally acquire. If they have
less than perfect information, they may make mistake...
Tài liệu Microeconomics for MBAs 12 docx
... The market demand for information, like the market demand for protective
bumpers, will not fully reflect its social benefits. Because of external benefits, the
quantity of information produced ... benefits, from safety caps for drugs to protective devices for
explosives. This argument does not justify unlimited government intervention, however.
We cannot conclude, for example, t...
Tài liệu Microeconomics for MBAs 18 docx
... tried, which forced the team members to think
competitively, had median initial effort levels on par with the initial effort levels
observed under forcing contracts. However, the effort level ... employed, the median “effort level” for each of the two teams
started at a mere 30 (with a maximum effort level of 100), but since the students were
then told how little effort other team membe...
Tài liệu Microeconomics for MBAs 22 docx
... York: Oxford University
Press, 1992); especially chapters 8 and 9.
Chapter 6. Reasons for Firm Incentives
37
majority of firms that provide their workers with fringes do so for the very ... independently of market forces, at least not for long. Unless the firm is using its productive
resources to produce goods and services that pass the market test, it will soon be forced thr...
Tài liệu Microeconomics for MBAs 25 docx
... holding it, for the parties to exchange hostages. For example, if
King A only has beautiful daughters then the best arrangement may be for him to ex-
change a beautiful daughter for one of King ... economic cost of reducing pollution to ten units is $9,300; $1,500 for
firm A. $800 for B, $3,000 each for C and D, and $1,000 for E. This figure is
Chapter 7 Market Failures: Ex...
Tài liệu Microeconomics for MBAs 27 docx
... There are two formulas for elasticity, one for use at specific points on the curve
and one for measuring average elasticity between two points, called arc elasticity. The
formula for point elasticity, ... Because there are many substitutes for
orange juice—soda, wine, prune juice, and so on—we would expect the demand for
orange juice to be more elastic than the demand for sa...
Tài liệu Microeconomics for MBAs 35 docx
... equity come in a variety of forms. Common and preferred stock are the two
major divisions of equity. Debt can take a form that has the “look and feel” of equity. For example, the
much-maligned ... firm; or increase the dividends for stockholders).
Lenders may also specify the collateral the firm must commit. Lenders will not
be interested in just any form of collateral. They will be...
Tài liệu Microeconomics for MBAs 38 docx
... same as before and
are just as willing to work as before) once the additional vacation is provided: 1) the
employer is willing to hire the same number of workers as before if the cost for each ... important point again will set the stage for understanding why
the bigger the wage cut the better for workers.
In Figure 11.15 the initial demand curve for workers (without the fringe)...
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