Louis C.K. and other comedians try to subvert the Ticketmaster monopoly, there will be changes to the market for standup tickets. You will draw and explain this market conversion. In your first graph, begin with a market that is in monopoly as dominated by Ticketmaster. Depict the price and quantity (e.g. you’ll need a MR curve, a demand curve, MC/supply curve, and any consumer and producer surplus and deadweight loss). Then, in the next graph, depict the market as it becomes perfectly competitive. Depict how price and quantity change (e.g. this graph should display the monopoly price and quantity, then you should show the competitive price and quantity for comparison, as well as the new areas of consumer and producer surplus and deadweight loss). Make sure you’re clear on the graph and in your answer about what happens to price and quantity as the monopoly market is converted to perfect competition by Louis C.K.’s action (e.g. what increases, what decreases?). Also, make sure you make a clear statement about changes in efficiency (e.g. how consumer surplus, producer surplus, total surplus, and deadweight loss change)
In: Economics
a) What are the assumptions about the competitor's reaction to the price changes underlying the shattered demand curve of the oligopoly?
(b) Why is there a break in the oligarch's marginal revenue curve?
(c) How does the model of the sloping demand curve explain the rigidity of prices in the oligopoly?
(d) What are the disadvantages of this model?
In: Economics
1)
Which of the following combinations of changes in supply and demand (listed in the same order) is likely to cause an indeterminate change in quantity?
Multiple Choice
Decrease/Decrease
Increase/Decrease
Increase/Increase
Static/Decrease
2)
A government set minimum wage:
Multiple Choice
imposes a legal ceiling above the wage of the least skilled worker.
is one of the reasons why price level falls during recessions.
imposes a legal floor under the wage of the most skilled worker.
imposes a legal floor under the wage of the least skilled worker.
3)
International specialization and trade:
Multiple Choice
allow a nation to get more of a desired good at less sacrifice of some other good.
can allow an economy to circumvent the output limits imposed by its domestic production possibilities curve.
Has the same effect as having more and better resources.
All of the above.
4)
Ed, Mike, and Scott are the only three people in a community and Ed is willing to pay $20 for the 5th unit of a public good; Mike, $15; Scott, $25. The government should produce the 5th unit of the public good if the marginal cost is:
Multiple Choice
less than $150.
less than $100.
less than $60.
less than $300.
5)
Answer the question based on the following information.
Way-Below Normal University has found it necessary to institute a
crime-control program on its campus to deal with the high costs of
theft and vandalism. The university is now considering several
alternative levels of crime control. This table shows the expected
annual costs and benefits of these alternatives. If Way-Below
Normal undertakes Level Three:
| Total costs per year | Total benefits per year (reduction in the costs of crime) | |
| Level One – 1 security officer | $20,000 | $80,000 |
| Level Two – 1 security officer with guard dog | 30,000 | 120,000 |
| Level Three – 1 security officer with guard dog and patrol car | 40,000 | 140,000 |
| Level Four – 2 security officers with guard dog | 50,000 | 155,000 |
| Level Five – 2 security officers with guard dog and patrol car | 60,000 | 160,000 |
Multiple Choice
total benefits will be less than total costs.
marginal costs will exceed marginal benefits.
there would be an under-allocation of resources to crime control.
there would be an over-allocation of resources to crime control.
6)
If a good that generates negative externalities was priced to take into account these negative externalities, then its:
Multiple Choice
price would decrease and its output would increase.
output would increase but its price would remain constant.
price would increase and its output would decrease.
price would increase but its output would remain constant.
In: Economics
What are the major factors that are changing the energy industry?
In: Economics
Discuss two factors that the influence the changes in the public policy concepts. And what is the concept of public policy under the following focuses:
a. governmental relationships
b. authoritative of values.
In: Operations Management
What are the determinants of supply and demand in a market? Explain how these changes impact on supply and demand and use examples to support your answer.
(this question is worth 25 marks)
In: Economics
Outline strategies on how the firm should respond to the changes in the economic indicators with the goal of maximizing revenues in the years ahead. How have they done in the past? What is their current state? What kinds of plans and possibilities do they have for the future? Is there room for improving what they do? Should new ventures be added or old ones subtracted? Then, discuss the firm’s global operations, and their influences on the regional and national levels. You also need to assess the value of multiculturalism and diversity in operating (managing) a company in a global environment.....my company chosen is Walmart
In: Economics
Do you agree with the changes Johnson is making to the pricing scheme that set to take effect August 1st? Are they enough to turn things around? What should Johnson do now? Looking out on year, will JC Penney be a stronger or weaker brand if he stays on the current course?
In: Operations Management
In: Physics
Explain the three accounting changes and correction of an error and the method used to disclose each one
In: Accounting