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managerial economics
Questions and Answers of
Managerial Economics
Locust Hill Golf Club is a private country club. It charges an initiation fee of $23,000. When members quit the club, they receive no refund on their initiation fees. They simply lose their
The guide at the Washington Monument tells your 10-year-old nephew, "Enjoy the monument. As a citizen you are one of its owners." Your nephew asks you if that is true. What do you say?
In certain professional sports, team owners "own" the players. Owners can sell or trade players to another team. However, players are not free to negotiate with other team owners on their own behalf.
a. What are contracting costs? b. Give a few examples of contracting costs? c. What effect does the existence of contracting costs have on market economies?
Evaluate the following statement: Using free markets and the price system always results in a more efficient resource allocation than central planning. Just look at what happened in Eastern
What is the difference between general and specific knowledge? How can specific knowledge motivate the use of decentralized decision making?
a. What is an externality? b. Why might externalities lead a firm to discharge too much pollution into a river? c. Congress has passed a law that limits the level of cotton dust within
What do you think will happen to the price and quantity of DVD players if: a. The availability of good movies to play on DVD players increases? b. Personal income increases? c. The
Many economists favor free trade between nations. They argue that free trade will increase total world output and make people of trading nations better off. Discuss how this argument relates to
Twin brothers, Tom and Bill, constantly fight over toys. For instance, Tom will argue it his turn to play with a toy, while Bill argues it is his turn. Their parents frequently have to intervene in
What is a property right? What role do property rights play in a market economy?
What is Pareto efficiency? Why do economists use this criterion for comparing alternative economic systems?
Accounting problems at Enron ultimately led to the collapse of the large accounting firm Arthur Andersen. When the Enron scandal first became public, Andersen’s top management blamed one “rouge
Jenny is an investor in the stock market. She cares about both the expected value and standard deviation of her investment. Currently she is invested in a security that has an expected value of
Discuss the following statement: “Sunk costs matter. People who pay $20,000 to join a golf club play golf more frequently than people who play on public golf courses.”
Some states in the U.S. allow citizens to carry handguns. Citizens can protect themselves in the case of robberies by using these guns. Other states do not allow citizens to carry handguns.
The Japanese are very good at returning lost property to local police stations. If you lose a wallet filled with cash in Japan it is likely to be turned into the police. This is true even though the
People give to charity. a. Is this action consistent with the “economic view of behavior”? Explain. b. Suppose that there is a big drop in charitable giving. At the same time there has
Suppose that an investment can yield three possible cash flows: $5,000; $1,000; or $0. The probability of each outcome is 1/3. a. What is the expected value and standard deviation of the
If markets are so wonderful, why do firms exist?
Several school districts have attempted to increase teacher productivity by paying teachers based on the scores their students achieve on standardized tests (administered by outside testing
One of the main tenets of economic analysis is that people act in their own self interest. Why then do people leave tips in restaurants? If a study were to compare the size of tips earned by servers
Critically evaluate the following statement: “Risk-averse people never take gambles.”
One physician who worked for a large health maintenance organization was quoted as saying: One day I was listening to a patient's heart and realized there was an abnormal rhythm. My first
Insurance companies have to generate enough revenue to cover their costs and make a normal profit — otherwise, they will go out of business. This implies that the premiums charged for insurance
Employees in a plant in Minnesota are observed to be industrious and very productive. Employees in a similar plant in Southern California are observed to be lazy and unproductive. Discuss how
a. Briefly describe the five models of behavior presented in this chapter. b. What are the implications of these models for managers attempting to influence their employees' behavior?
Suppose that Bob’s indifference curves are perfectly L-shaped with the right angle occurring when Bob has equal amounts of both goods. What does this imply about Bob’s willingness to trade one
Suppose that Bob’s indifference curves are straight lines (as opposed to being convex to the origin). What does this imply about Bob’s willingness to trade one good for the other? Give examples
Suppose that you have $900 and what to invest the money for one year. There are three existing options. (a) The city of Rochester is selling bonds at $90 per unit. The bonds pay $100 at the end
The Solace Company has an inventory of steel that it originally purchased for $20,000. It currently has an offer to sell the steel for $30,000. Should Solace’s management agree to sell? Explain.
A noted economist was asked what he did with his “free time.” He responded by saying that “time is not free.” Explain this response.
Which costs are pertinent to economic decision making? Which costs are not relevant?
In the life insurance industry, we see two major ownership structures—common stock insurers and mutual insurers. In the common stock companies, the owners —its stockholders—are a separate
In the process of benchmarking, a colleague of yours notes that Lincoln Electric, a producer of electric arc welders, has much high er productivity than does your company. Unlike your firm, Lincoln
What are the three aspects of organizational architecture?
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