Microeconomics for MBAs 5
Microeconomics for MBAs 5
... stimulates the exchange of information, forcing competitors to reveal their plans to prospective buyers or sellers. The exchange of information can be seen clearly at auctions. Before the bidding begins, ... price. For example, they want Q 3 instead of Q 2 tomatoes at price P 2 . Consumers are also willing to pay a higher price now for any quantity. For example, they will pay P 3 instea...
Microeconomics for MBAs 46
... the Interfirm Equity Investment Process,” Journal of Financial Economics, vol. 14 (19 85) , pp. 52 3 -55 3. 25 Paul H. Malatesta and Ralph A. Walkling, “Poison Pill Securities: Stockholder Wealth, ... the case of takeovers. But there are possibilities for overlap that are worth noting. A justification for a controversial severance-pay contract for top managers is based on the desirabi...
Microeconomics for MBAs 47
... Cost Megawatts Marginal Cost Total Cost [(3) ÷ (1)] (1) (2) (3) (4) 1 $50 $ 50 $50 2 40 90 45 3 30 120 40 4 20 140 35 5 10 150 30 Figure 14.3 shows these same curves along with the electric company’s ... was re-controlled in 1984 for two more years. Starting January 1, 19 85, all gas discovered after April 20, 1977 was deregulated, while gas discovered before this date was for the most...
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, ... services 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 in...
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 demand for ... more foreign imports, both directly and in the form of domestic goods that incorporate foreign parts or materials. Either way, an increase in real incomes leads to an increase in the dem...
Microeconomics for MBAs 49
... abusive 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, ... made. Before this restriction went into effect, a customer got a refund for a beat-up thermos that Wal-Mart later learned from the manufacturer had been purchased in the 1 950 s, long b...
Microeconomics for MBAs 50
... in Figure 15. 5(a). Other players are in submarket D 1 . Differences in skill may also account for differences in wages. Most wages are paid not just for a worker’s effort but also for the use ... 15. 2). If you survey your MBA classmates, for example, you will probably find that more of them would be willing to work at a job that paid $50 an hour than would work for $20 an hour. (A...
Microeconomics for MBAs 1
... offered 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
... than 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, ... enforcer, such as the police and courts, and (2) the specification of rights in a legally binding “social contract,” meaning that a third-party enforcer is established. Most of what we...
Microeconomics for MBAs 51
... of the second worker is therefore $24,000 (column 4): $22,000 for his services plus the $2,000 raise that must be given to the first worker. TABLE 15. 2 Market Demand for Tomatoes Number of Workers ... example, sweeping a room or picking up trash), they will perform them with greater regularity. 5 Even pigeons, well known for having the lowest form of birdbrains, respond to incentives...
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