Microeconomics for MBAs 46
Microeconomics for MBAs 46
... percent of the workforce, and were typically far less than that. Also, it was estimated
that the probability of being laid off was 70 percent higher for white-collar workers than
for blue-collar ... offered more for the corporation’s stock than the
current price. The first bidder is not necessarily the one best able to improve the
performance of the target corporation, and therefore...
Microeconomics for MBAs 47
... re-controlled in 1984 for two more years.
Starting January 1, 1985, all gas discovered after April 20, 1977 was deregulated, while
gas discovered before this date was for the most part—not ... charging progressively lower prices for additional units sold.
Once a firm is given a subsidy, its pricing and production decision must be closely
monitored, for its incentive to control cos...
Microeconomics for MBAs 48
... explained as an indirect
form of taxation—in the sense that taxation is the government’s means of extracting
money to pay for what are viewed as public goods and services. For example, until 1978, ... and drugs, where the need for regulation has seldom been challenged, its value to
the consumer is now being questioned.
Does regulation affect the competitive performance of an indust...
Microeconomics for MBAs 60
... process for prices in general. As U.S. demand for
foreign goods rises, the demand curve for francs shifts outward from D
1
to D
2
, shifting
the equilibrium from E
1
to E
2
. As foreign ... prices of foreign and domestic goods change. If prices increase faster in the
United States, for example, Americans will want to buy more foreign goods and fewer
domestic goods. Foreigner...
Microeconomics for MBAs 49
... customers can
make work a form of “hell” for the workers. If forced to take excessive abuse, the
workers would, no doubt, demand higher wages to compensate them for this abuse. At
some point, ...
service that developed a reputation for yielding to client pressure for higher ratings would
cease to have the credibility that its clients are paying for. So, in the bond rating
busin...
Microeconomics for MBAs 50
... a demand for the
products and services they offer. The greater the demand for the products and the greater
the demand for the labor needed to produce it and the greater the demand for a given ... for jobs offering non-
monetary benefits—S
2
rather than S
1
. Given a
constant demand for labor, the wage rate will be
W
2
for workers who do not receive nonmonetary
benefits an...
Microeconomics for MBAs 1
...
in different bungalows.
A priest, for example, found that he could exchange a pack of cigarettes for a
pound of cheese in one bungalow, trade the cheese for a pack and a half of cigarettes ... their holdings of cigarettes, prices fell. Radford
saw a form of social order emerging in these spontaneous, voluntary, and completely
undirected efforts. Even in this unlikely environment,...
Microeconomics for MBAs 2
... 2 papayas for a
coconut; Harry would be better off if he could give up fewer than 4 papayas for a
coconut. If, for example, they agree to trade at the exchange rate of 1 coconut for 3
papayas, ... government enforcement for the protection and
legitimacy of private property rights? Our answer must of necessity be somewhat
speculative. We know that markets existed in the “Old Wes...
Microeconomics for MBAs 51
... to employees. If farmers are forced to
provide better housing for their laborers, they must reduce costs in other ways, including
the substitution of machinery for labor. This is precisely ... cheaper for me to continue
using migrant help for a few more years, but mechanization is the trend of the future.
And no matter what kind of housing I provide I’m going to be criticized for...
Microeconomics for MBAs 52
... Monopsonistic
Labor Markets
25
worker with $487.50 for the week, or a 2.5 percent reduction in pay for a 25 percent
reduction in effort.
The lesson of this discussion is not that piece-rate ... Monopsonistic
Labor Markets
26
effort workers apply, then the standard can be raised. Workers should not object. They
are still getting their value for their effort. The...
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