Ecn 601 topic 2 Study guides, Class notes & Summaries

Chapter 4 1. Question: Memorial Hospital's CEO conducted performance reviews of the hospital’s departments and discovered that the average cost of deliveries ($5,000) was above their average revenue, and that the hospital was losing $700 on each delivery. From the information on how much the hospital is losing on deliveries, what is the change in profit for each extra delivery? 2. Question: Georgetown Public Media is trying to determine the optimum amount for its advertising budget. Calcula...

1. Question:TheoptimalstrategyinaVickeryauctionisto: 2. Question:Tomwantstoavoidanyaccidentsontheworkfloorofhisfactory.Ifanaccidentdoesoccur,itwouldcosthim $500,000 in damages. Installing safety equipment would decrease the probability of an accidentoccurring from 20% to 10%. However, the equipment costs $20,000 to install. What is his expected lossafterinstalling thesafetyequipment? 3. Question:Whichofthefollowingisaviolationofantitrustlaws? 4. Question:Whatisitcalledwheneachadditionalworker...

Topic 4DQ1 Feb23-25,2023 Identifyapersonaleconomicdecisionthatwasdrivenbyabehavioralbiasratherthanbypurerationalbehavior.Givenyourunderstandingofbehavioraleconomics,howwouldyourdecisiondiffertoday? Topic 4DQ1 Feb23-25,2023 Identifyapersonaleconomicdecisionthatwasdrivenbyabehavioralbiasratherthanbypurerationalbehavior.Givenyourunderstandingofbehavioraleconomics,howwouldyourdecisiondiffertoday?

Topic 4DQ2 Feb23-27,2023 Whatisthecorrelationbetween,andevidencebehind,marketconcentrationandpricelevels?Doyoufindanyrelationshipbetweenlackofcompetitionandothereconomicvariables?UseatleastonearticlefromTheWallStreetJournal,oranotherscholarlyreference,tosupportyourresponse.Whataretheethicalramificationsofmarketconcentration?

Topic 7DQ1 Mar16-18,2023 Giveexamplesfromyouremploymenthistorywhereyouwitnessedmoralhazardintheworkplace.Whatweretheincentivesthatgaverisetomoralhazard?Didthefirmtakestepstoeliminatemoralhazard? Topic 7DQ2 Mar16-20,2023 Beginbylocatingascholarlyarticleregardingtheeffectsofincreasesonminimumwagesanddiscussitsfindings.Doesaminimumwageincreaseleadtoreductionsinemployment,oristheoveralleffectonemploymentnetpositive?Doyouagreeordisagreewiththeresultsofthestudy?Whatdoyouthinkareothervitalco...

1. Question:TheoptimalstrategyinaVickeryauctionisto: 2. Question:Tomwantstoavoidanyaccidentsontheworkfloorofhisfactory.Ifanaccidentdoesoccur,itwouldcosthim $500,000 in damages. Installing safety equipment would decrease the probability of an accidentoccurring from 20% to 10%. However, the equipment costs $20,000 to install. What is his expected lossafterinstalling thesafetyequipment? 3. Question:Whichofthefollowingisaviolationofantitrustlaws? 4. Question:Whatisitcalledwheneachadditionalworker...

Topic3DQ1 Feb16-18, 2023 Whatmarketstructurebestdescribestheenvironment withinwhichyourorganizationoperates?What challenges and opportunities would arise from higher and lower degrees of governmentintervention? Provide arationaleto supportyour selected marketstructure. Topic3DQ2 Feb16-20, 2023 How do firms contribute to the efficiency of the market economy in ways that networks ofindependentcontractorsdonot?Useyourorganization, oronewithwhichyouarefamiliar, toillustrate your response.

Topic 8DQ1 Mar23-25,2023 GotoTheEconomistwebsiteandsearchfortheBigMacIndexforarecenttimeperiod.ComparethePurchasingPoweroftheUnitedStateswithanothercountry.Trytochooseacountrywithwhichyouarenotveryfamiliar.Whatdoesthisparitysayaboutthepotentialstandardoflivinginthecountryyouchose?Whatdoesitsayaboutthepotentialwagelevel? Topic 8DQ2 Mar23-27,2023 Overseveraldecades,someindustries,suchastextileandclothing,whichwereonceasignificantpartoftheU.S.economy,haveshiftedmanufacturingabroad.Usingt...

Topic5DQ1 Mar2-4, 2023 The order of play tends to matter in sequential games where rivals must predict best reply-responses and counter-responses in order to achieve a desired payoff. Discuss an instance inwhich you or your firm used game theory and explain why the relationship between the playerswas a strategic one. Did the use of a credible threat or commitment affect the outcome? Werethere any first-mover offast-secondstrategiesused? Topic5DQ2 Mar2-6, 2023 In business, sports, poli...