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- Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor? Check all that apply. Paying higher wages increases worker turnover. Paying higher wages enhances workers to adopt healthier lifestyles, enhancing their productivity. Paying higher wages encourages workers to be more productive. Paying higher wages can reduce a firm's training costs.What are the values of P1, P2, Q1, Q2 given two commodity demand and supply model: Q d1= 24 - 8 P1 + 2 P2 Q s1= - 6 + 12 P2 Q d2= 28 +P1 - 8 P2 Q s2 = - 6 + 2 P2Assume there are two companies in the region, A and B. You currently work for Company B. Both companies service the entire market and have a combined market share of 100%. At the start of the period, A and B split the market evenly with 50% share each. However, A has adopted a new customer retention tool and has projected the following switching matrix. TO FROM A B A 0.8 0.2 B 0.3 0.7 Given this switching matrix. 1 - What is the projected Market Share for Company A next period? 2- Assume that each customer has a profitability of $30 each year. There are 10,000 customers in the market. How much profit per year, in the long run and assuming no other costs or changes to the market, can we assume that B will lose due to this new technology compared to their prior position?
- Consider the following measures and draw a suitable supply-demand diagram for each. In addition to the measure itself, this diagram should also show the prices prevailing on the market, the quantity traded, the consumer and producer surplus as well as the sales of the companies (the latter NOT in 2c) before and after the introduction of the measure.[Note: If your drawing becomes too confusing, you can also draw two diagrams (before/after). In that case, make sure that both diagrams are exactly the same size and that all unchanged elements are drawn in identically].2a) In order to reduce alcohol consumption in the population, the government sets an effective minimum price for alcoholic beverages.2b) To promote new technologies and boost the production of electronic components ("chips"), the federal government repeals the producer tax on this market. 2c) The local cinema is the only one far and wide. To sell more tickets, instead of a single price for all show times, it now offers tiered…All of Ruritania’s domestic energy needs are met through nuclear fission. Energy production isthe responsibility of a Government-owned company named Umbrella Corp.To generate energy, Umbrella Corp uses uranium. The uranium is supplied by OCP that mines itin the town of Zenda where it is the sole employer. For reasons of state OCP can only sell whatit extracts to Umbrella Corp. As OCP is the only employer in Zenda it is a monopsonist in the labor market, while UmbrellaCorp is a monopsony when it buys uranium from OCP. To mine one kilogram of uranium a day, OCP needs one unit of labor. The supply of laborif it pays a wage of w florins is given by S(w) = 2w. Each kilogram of uranium that Umbrella Corp. buys from OCP can be used to produce 360,000kilowatt-hour of energy. In addition to the purchase price of uranium, Umbrella Corp incurs anadditional unit cost of 35,800 florins per kilogram of uranium used for energy production. The energy produced is then sold by Umbrella Corp to consumers…Only elves live inn Rivendell. Elves in Rivendell are expert jewelry makers. In the perfectly competitive market for jewelry in Rivendell, the demand and supply are given by QD = 10– 2P QS = 5P Jewelry made in Rivendell is also desired by humans who live in the world outside Rivendell. Jewelry can be sold to those humans in a perfectly competitive world market where Pw = 2. Jewelry can be traded within Rivendell and in the world outside. a) What will be the price at which trade of jewelry occurs? What quantity will be sold to elves in Rivendell and what quantity will be exported? b) Calculate the producer surplus and consumer surplus in Rivendell, and illustrate them in a demand and supply graph.
- Given the demand nda supply functions for three inter-dependent commodities QD1 = 45-2P1 + 2P2 -2P3 QD2 = 16+2P1+P2+2P3 QD3 = 30- P1+2P2-P3 and QS1 = -5+2P1 QS2 = -4 + 2P2 QS3 = -5 + P3 respectively. Find the equilibrium prices and quantities of this three - commodity market model.What are the values of P1,P2,Q1,Q2 given the two commodity demand and supply model: Qd1=24−8P1+2P2Qs1=−6+12P1 Qd2=28+P1−8P2Qs2=−6+2P2 Select one: a. P1≈$1.86,P2≈$3.59,Q1≈16.32,Q2≈1.18 b. P1≈$3.59,P2≈$1.86,Q1≈16.32,Q2≈3.14 c. P1≈$2.14,P2≈$3.47,Q1≈1.18,Q2≈16.32 d. P1≈$3.59,P2≈$1.86,Q1≈16.32,Q2≈1.18Why might some firms choose to pay workers a wage above the market equilibrium, even with a surplus of labor in the market? Check all that apply. Paying higher wages increases worker turnover. Higher wages attract a more competent pool of workers. Paying higher wages tends to reduce the average experience level of a firm's workers. Paying higher wages encourages workers to be more productive.
- Which is not an example of rent‑seeking behavior? excessive spending on a corporate jet for executives incurring $30 million$30 million in legal fees to defend against antitrust regulations fighting for tariffs on imported goods within the same industry $25 million$25 million spent lobbying CongressNote that parts f) and g) do not depend on the other parts and could be completed before or after parts a) to e). Two different boutique wineries supply two towns: town A and town B. Winery 1 supplies town A and Winery 2 supplies town B. Both wineries have a constant marginal cost c = 20. Assume that consumers are indifferent between the wines from different wineries and that they purchase wine only in the town they live. Demand for wine in town A is given by pA=40−12qA; the demand for wine in town B is given by pB=70−qB. f) For parts f) & g) only, please assume that the total demand for wine (from both towns) is given by p = 125 - Q. Assume now that due to the new government regulation, the companies broke up and went back to operating as Wineries 1 and 2. Each winery can now supply both towns and still has a marginal cost of 20. If Wineries 1 and 2 decide how much wine to produce simultaneously, what is the equilibrium price, quantity sold and profit of each winery? g) For…Chemists at risk as prices are slashed: Big price cuts on a wide range of medicines and vitamins were promised by the supermarket chains, as 30 years of price-fixing were swept aside. Many popular products, including painkillers, cough medicines, indigestion tablets and nutritional supplements are being halved in price from last night, with reductions of between 20 and 40 per cent on many others. The Office of Fair Trading called it excellent news for consumers but the body representing small pharmacies were very unhappy with the decision. The big supermarkets trumpeted ‘millions of pounds-worth of savings’ as they competed to offer the biggest reductions.The cuts came after the Community Pharmacy Action Group, representing small retailers, withdrew its opposition to a High Court action brought by the Office of Fair Trading. There are 13,500 pharmacies in Britain, of which 9,000 are small shops serving local high streets and rural communities.The action group chairman, David Sharpe,…