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business
managerial economics

Questions and Answers of Managerial Economics

PI4.9 Nonprice Competition. General Cereals, Inc. (GCI), produces and markets Sweeties!, a popular ready-to-eat breakfast cereal. In an effort to expand sales in the Secaucus, New Jersey, market, the
PI4.8 Predatory Pricing. Prohibitions against predatory pricing stem from big business conspiracy theories popularized in the late nineteenth century by journalists such as Ida Tarbell, author of an
PI 4.7 Randomized Strategies. Game theory can be used to analyze conflicts that arise between managers and workers. Managers can choose to monitor worker performance, or not monitor worker
P14.6 Collusion. In the USA any contract, combination, or conspiracy in restraint of trade is illegal. In practice, this means it is against the law to control or attempt to control the quantity,
P14.5 Nash Equilibrium. The breakfast cereal industry is heavily concentrated. Kellogg, General Mills, General Foods (Post), and Ralcorp account for over 85 per cent of industry sales.Advertising by
PI 4.4 Secure Strategies. The Home Depot, Inc., and the Lowes Companies are locked in a vicious struggle for market share in the home improvement market. Suppose each competitor is considering the
PI 4.3 Dominant Strategiss. Conceive of two competitors facing important strategic decisions where the payoff to each decision depends upon the reactions of the competitor. Firm A can choose either
PI 4.2 Prisoner's Dilemma. The classic Prisoner's Dilemma involves two suspects, A and B, who are arrested by the police. Because the police have insufficient evidence for conviction on a key charge,
PI 4.1 Game Theory Concepts. Recognize each of the following statements as being true or false and explain why.A. A set of strategies constitutes a Nash equilibrium if no player can improve their
ST14.1 Game Theory Strategies. Suppose two local suppliers are seeking to win the right to upgrade the communications capability of the internal 'intranets' that link a number of customers with their
Q14.10 Explain why the establishment and exploitation of network effects are key elements in the competitive strategy of computer software provider Microsoft Corp.
Q14.9 Describe the difference between limit pricing and predatory pricing strategies.
Q14.8 The typical CEO of a major US corporation is 56-58 years old and gets paid $3-5 million per year.From a game-theory perspective, explain why corporate governance experts advise that such
Q14.7 Instructors sometimes use quizzes to motivate students to adequately prepare for class. However, preparing and grading quizzes can become timeconsuming and tedious. Moreover, if students
Q14.6 Define the Nash equilibrium concept.
Q14.5 Does game theory offer a strategy appropriate for situations in which no strategy results in the highest payoff to a player regardless of the opposing player's decision?
Q14.4 Explain how the Prisoner's Dilemma example shows that rational self-interested play does not always result in the best solution for all parties.
Q14.3 Characterize the essential difference between a sequential game and a simultaneous-move game.
Q14.2 Suppose Exxon Mobil Corp. independently reduced the price of gasoline, and that this price cut was quickly matched by competitors. Could these actions be described as reflective of a
Q14.1 From a game-theory perspective, how would you characterize the bargaining between a customer and a used-car dealer?
PI 3.10 Market Structure Measurement. In 2005, Federated Department Stores, Inc., proposed to acquire The May Department Stores Co., thereby combining the two largest chains in the USA of so-called
PI 3.9 Kinked Demand Curves. Assume Safety Service Products (SSP) faces the following segmented demand and marginal revenue curves for its new infant safety seat:
PI 3.8 Bertrand Equilibrium. Coke and Pepsi dominate the US soft-drink market.Together, they account for about 75 per cent of industry sales. Suppose the quantity of Coke demanded depends upon the
PI 3.6 Cournot Equilibrium. VisiCalc, the first computerspreadsheet program, was released to the public in 1979. A year later, introduction of the DIP format made spreadsheets much more popular
PI 3.5 Cartel Equilibrium. Assume the Hand Tool Manufacturing Industry Trade Association recently published the following estimates of demand and supply relations for hammers A. Calculate the
PI 3.4 Monopolistic Competition. Gray Computer, Inc., located in Colorado Springs, Colorado, is a privately held producer of high-speed electronic computers with immense storage capacity and
PI 3.3 Competitive Markets Versus Cartels. Suppose the City of Columbus, Ohio, is considering two proposals to privatize municipal garbage collection. First, a handful of leading waste disposal firms
PI 3.2 Monopolistically Competitive Demand. Would the following factors increase or decrease the ability of domestic auto manufacturers to raise prices and profit margins? Why?A. Decreased import
PI 3.1 Market Structure Concepts. Indicate whether each of the following statements is true or false and explain why.A. Equilibrium in monopolistically competitive markets requires that firms be
ST13.2 Monopolistkally Competitive Equilibrium. Soft Lens, Inc., has enjoyed rapid growth in sales and high operating profits on its innovative extended-wear soft contact lenses.However, the company
ST13.1 Price Leadership. In the last century. The Boeing Co. has become the largest aerospace company in the world. Boeing's principal global competitor is Airbus, a company that has its roots in a
Q13.10 'Economic profits result whenever only a few large competitors are active in a given market.' Discuss this statement.
Q13.9 The statement 'You get what you pay for'reflects the common perception that high prices indicate high product quality and low prices indicate low quality. Irrespective of market structure
Q13.8 Why is the four-firm concentration ratio only an imperfect measure of market power?
Q13.7 Which oligopoly model(s) result(s) in longrun oligopoly market equilibrium that is identical to a competitive market price-output solution?
Q13.6 What is the essential difference between the Cournot and Stackelberg models?
Q13.5 'One might expect firms in a monopolistically competitive market to experience greater swings in the price of their products over the business cycle than those in an oligopoly market. However,
Q13.4 Would you expect the demand curve for a firm in a monopolistically competitive industry to be more or less elastic in the long run after competitor entry has eliminated economic profits?
Q1 3.3 Explain the process by which economic profits are eliminated in a monopolistically competitive market as compared with a perfectly competitive market.
Q13.2 Describe the oligopoly market structure and give some examples.
Q13.1 Describe the monopolistically competitive market structure and give some examples.
Opportunity for normal profits in long-run equilibrium. Distinctive products allow P>MC, but vigorous price and product-quality price competition keeps P = AC.
Perfect dissemination of information. Cost, price, and product quality information is known by all buyers and all sellers.
Free entry and exit. Firms are not restricted from entering or leaving the industry.
Product heterogeneity. The output of each firm is perceived to be essentially different from, though comparable with, the output of other firms in the industry.
Large numbers of buyers and sellers. Each firm produces a small portion of industry output, and each customer buys only a small part of the total.
PI 2.10 Monopoly-Monopsony Confrontation. Safecard Corporation offers a unique service. The company notifies credit card issuers after being informed that a subscriber's credit card has been lost or
PI 2.9 Monopoly Versus Competitive Market Equilibrium. During recent years.Microchips Corp. has enjoyed substantial economic profits derived from patents covering a wide range of inventions and
PI 2.8 Monopoly Profits. Portland Fluid Control, Inc., (PEC) is a major supplier of reverse osmosis and ultrafiltration equipment, which helps industrial and commercial customers achieve improved
PI 2.7 Wealth Transfer Problem. The Organization of the Petroleum Exporting Countries(OPEC) was formed on September 14, 1960, in Baghdad, Iraq. The current membership comprises five founding members
PI 2.6 Deadweight Loss from Monopoly. The Onondaga County Resource Recovery (OCRRA) system assumed responsibility for solid waste management on November 1, 1990, for 33 of the 35 municipalities in
PI 2.5 Monopoly Price-Output Decision. Calvin's Barber Shops, Inc., has a monopoly on barbershop services provided on the south side of Chicago because of restrictive licensing requirements, and not
PI 2.4 Tying Contracts. In a celebrated case tried during 1998, The Department of Justice charged Microsoft Corporation with a wide range of anticompetitive behavior. Among the charges leveled by the
2. If price fixing did indeed occur at these meetings, which laws might be violated?
1. How would you determine if the overlap college meetings resulted in price fixing?
PI 2.3 Price Fixing. An antitrust case launched more than a decade ago sent tremors throughout the academic community. Over the 1989-1991 period, the US Department of Justice(DOJ) investigated a
PI 2.2 Natural Monopoly. On May 12, 2000, the two daily newspapers in Denver, Colorado, filed an application with the US Department of Justice for approval of a joint operating agreement.The
PI 2.1 Monopoly Concepts. Indicate whether each of the following statements is true or false, and explain why.A. The Justice Department generally concerns itself with significant or flagrant offenses
ST12.2 Deadweight Loss from Monopoly. The Las Vegas Valley Water District(LVVWD) is a not-for-profit agency that began providing water to the Las Vegas Valley in 1954.The District helped build the
ST12.1 Capture Problem. It remains a widely held belief that regulation is in the public interest and influences firm behavior toward socially desirable ends. However, in the early 1970s, Nobel
Q12.10 Describe the economic effects of countervailing power, and cite examples of markets in which countervailing power is observed.
Q12.9 Do the US antitrust statutes protect competition or competitors? What is the difference?
Q12.8 Explain why state tax rates on personal income vary more on a state-by-state basis than do corresponding tax rates on corporate income.
Q12.7 When will an increase in the minimum wage increase employment income for unskilled laborers?When will it cause this income to fall? Based on your experience, which is more likely?
Q12.6 Antitrust statutes in the USA have been used to attack monopolization by big business. Does labor monopolization by giant unions have the same potential for the misallocation of economic
Q12.5 Given the difficulties encountered with utility regulation, it has been suggested that nationalization might lead to a more socially optimal allocation of resources. Do you agree? Why or why
Q12.4 Give an example of monopoly in the labor market. Discuss such a monopoly's effect on wage rates and on inflation.
Q12.3 Why are both industry and firm demand curves downward sloping in monopoly markets?
Q12.1 Describe the monopoly market structure and provide some examples.Q12.2 From a social standpoint, what is the problem with monopoly?
P11.10 Generic Competition. The Federal Trade Commission seeks to ensure that the process of bringing new low-cost generic alternatives to the marketplace and into the hands of consumers is not
PI 1.9 Protective Tariffs. In the USA, steel production has remained constant since the 1970s at about 100 million tons per year. Large integrated companies, like US Steel, remain important in the
PH.8 Import Controls. Critics argue that if Congress wants to make the tax code more equitable, a good place to start would be removing unfair tariffs and quotas. Today, there are more than 8000
PH.7 Price Floors. Each year, about 9 billion bushels of corn are harvested in the USA.The average market price of corn is a little over $2 per bushel, but costs farmers about $3 per bushel. Tax
P11.6 Demand Versus Supply Subsidy. In Africa, the continent where the polio epidemic has been most difficult to control, international relief efforts aimed at disease eradication often work against
P11.5 Lump Sum Taxes. In 1998, California's newly deregulated power market began operation. The large power utilities in the state turned over control of their electric transmission facilities to the
P11.4 Deadweight Loss of Taxation. To many upscale homeowners, no other flooring offers the warmth, beauty, and value of wood. New technology in stains and finishes calls for regular cleaning that
PH.3 Social Welfare. Natural gas is in high demand as a clean-burning energy source for home heating and air conditioning, especially in major metropolitan areas where air quality is a prime concern.
P11.2 Labor Policy. People of many different age groups and circumstances take advantage of part-time employment opportunities provided by the fast-food industry. Given the wide variety of different
PI 1.1 Social Welfare Concepts. Indicate whether each of the following statements is true or false, and explain why.A. In competitive market equilibrium, social welfare is measured by the net
ST11.2 Price Ceilings. The local government in a West Coast college town is concerned about a recent explosion in apartment rental rates for students and other low-income renters. To combat the
ST11.1 Social Welfare. A number of domestic and foreign manufacturers produce replacement parts and components for personal computer systems. With exacting user specifications, products are
Q11.10 Walmart founder Sam Walton amassed an enormous fortune in discount retailing, one of the most viciously competitive markets imaginable. How is this possible?
Q11.9 The New York City Rent Stabilization Law of 1969 established maximum rental rates for apartments in New York City. Explain how such controls can lead to shortages, especially in the long run,
Q11.8 The Fair Labor Standards Act establishes a federal minimum wage of $7.25 per hour effective July 24, 2009. Use your knowledge of market equilibrium and the elasticity of demand to explain how
Q11.7 Both employers and employees pay Social Security (PICA) on wage income. While the burden of this tax is designed to be borne equally by employers and employees, is a straight 50/50 sharing of
Q11.6 In 1990, Congress adopted a luxury tax to be paid by buyers of high-priced cars, yachts, private airplanes, and jewelry. Proponents saw the levy as an effective means of taxing the rich.
Q11.5 The demand for basic foodstuffs, like feed grains, tends to be inelastic with respect to price. Use this fact to explain why highly fertile farmland will fetch a relatively high price at any
Q11.4 In 2004, OPEC reduced the quantity of oil it was willing to supply to world markets. Explain why the resulting price increase was much larger in the short run than in the long run.
Q11.2 Assume that you are willing to pay $1100 for a new personal computer that has all the 'bells and whistles'. On the Internet, you buy one for the bargain price of $900. Unbeknownst to you, the
Q11.1 Your best income-earning opportunity appears to be an offer to work for a local developer during the month of June and earn $2000. However, before taking the job, you accept a surprise offer
PI0.10 Stable Competitive Equilibrium. Bada Bing, Ltd., supplies standard 256 MB-RAM chips to the US computer and electronics industry. Like the output of its competitors, Bada Bing's chips must meet
PI 0.9 Dynamic Competitive Equilibrium. Walmart and other movie DVD retailers, including online vendors like Amazon.com, employ a two-step pricing policy. During the first 6 months following a
PI 0.8 Competitive Market Equilibrium. Dozens of Internet websites offer quality auto parts for the replacement market. Their appeal is obvious. Price-conscious shoppers can often obtain up to 80 per
PI 0.7 Long-Run Competitive Firm Supply. The Hair Stylist, Ltd., is a popular-priced hairstyling salon in College Park, Maryland. Given the large number of competitors, the fact
PI0.6 Short-Run Market Supply. New England Textiles, Inc., is a medium-sized manufacturer of blue denim that sells in a perfectly competitive market. Given $25000 in fixed costs, the total cost
Pi 0.5 Short-Run Firm Supply. Farm Fresh, Inc., supplies sweet peas to canneries located throughout the Mississippi River Valley. Like many grain and commodity markets, the market for sweet peas is
PI 0.4 Long-Run Firm Supply. The retail market for unleaded gasoline is fiercely price competitive. Consider the situation faced by a typical gasoline retailer when the local market price for
P10.3 Short-Run Firm Supply. Florida is the biggest sugar-producing state, but Michigan and Minnesota are home to thousands of sugar beet growers. Sugar prices in the USA average about 20c per pound,
PI 0.2 Short-Run Firm Supply. Mankato Paper, Inc., produces uncoated paper used in a wide variety of industrial applications. Newsprint, a major product, is sold in a perfectly competitive market.
PI 0.1 Competitive Markets Concepts. Indicate whether each of the following statements is true or false, and explain why.?

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