Concert venues sometimes sell tickets for events with "festival seating," which means that no specific seats are assigned to ticket holders, and seats are available on a first-come, first-served basis. For example, the people who get to the front row first get to sit in the front row. Just before The Who concert in Cincinnati in 1979, eleven people were trampled and crushed to death outside the stadium doors when concert goers rushed to enter the venue quickly to secure the best seats available. Which philosopher's theory best describes what happened at The Who concert in 1979? Group of answer choices Adam Smith Thomas Hobbes Immanual Kant John Stuart Mill PreviousNext

Concert venues sometimes sell tickets for events with "festival seating," which means that no specific seats are assigned to ticket holders, and seats are available on a first-come, first-served basis. For example, the people who get to the front row first get to sit in the front row. Just before The Who concert in Cincinnati in 1979, eleven people were trampled and crushed to death outside the stadium doors when concert goers rushed to enter the venue quickly to secure the best seats available. Which philosopher's theory best describes what happened at The Who concert in 1979? Group of answer choices Adam Smith Thomas Hobbes Immanual Kant John Stuart Mill PreviousNext

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Monopoly

Section: Chapter Questions

Problem 3SQP

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Ilsia is driving home from work. She needs to buy gas and notices an Exxon-Mobil station on one side of the street and a Shell station on the other side of the street. Although run by different companies, the two stations sell gasoline at the same price. a. The most likely reason that the price is the same is that drivers need gas and are willing to pay whatever price a gas station charges. consumers view gasoline from different gas stations as perfect substitutes. government regulation requires both gas stations to charge the same price. gas stations always make a profit, so they can charge any price they want. b. If one station increases its price, it will make a higher profit. it will lose customers to the cheaper station across the street. it will be fined by the government. it will sell more gasoline.
MySpace, Facebook, email, and collaborative sites for both work and leisure are a norm on the net these days. But did you know all of the content you post on many of these sites immediately become partially owned by the sites themselves? And, taking items away by deleting them never really gets rid of them. In fact, in Groundswell by Bernoff and Li, they state that trying to take something off the Internet that you have posted is like trying to remove pee from a pool. Scott McNealy, founder of Sun Microsystems, perhaps sums it up best, “You have zero privacy anyway. Get over it.â€ Keep in mind that technology is everywhere all the time (ubiquitous) because of the onset of smartphones, and other mobile devices. You have a 21st century phenomenon. But, is what Scott McNealy said true? Cite and explain examples that support and argue against this statement.
Use the photo at exercise 14 to solve the problem below With the Firm Y response function Qy=600-1/2Qx and the Firm X response function Qx=600-1/2Qy Imagine that firm X chooses their quantity first, then firm Y observes the quantity of firm X and chooses their own quantity. What quantities will they end up choosing? Is there a first or second-mover advantage here? [You may assume that firm X can only choose quantities that are multiples of 200. This prevents you from having to deal with prices that are not on the schedule. Also it means you've done all the busy work already--assuming you did the assignment last week.....and got it right. So this shouldn't require a lot of calculations, just a little thinking about how equilibrium works in a sequential-move game. Oh, and just give me the quantity for each firm, don't worry about giving me a complete strategy for firm Y.]
On the monopoly graph, use the black points (plus symbol) to shade the area that represents the loss of welfare, or deadweight loss, caused by a monopoly. That is, show the area that was formerly part of total surplus and now does not accrue to anybody. Deadweight loss occurs when a market is controlled by a monopoly because the resulting equilibrium is different from the (efficient) competitive outcome. In the following table, enter the price and quantity that would arise in a competitive market; then enter the profit-maximizing price and quantity t would be chosen if a monopolist controlled this market. Market Structure Price (Dollars) Quantity (Gyros) Competitive Monopoly Given the summary table of the two different market structures, you can infer that, in general, the price is lower under a and the quantity is lower under a
On the monopoly graph, use the black points (plus symbol) to shade the area that represents the loss of welfare, or deadweight loss, caused by a monopoly. That is, show the area that was formerly part of total surplus and now does not accrue to anybody. Deadweight loss occurs when a market is controlled by a monopoly because the resulting equilibrium is different from the (efficient) competitive outcome. In the following table, enter the price and quantity that would arise in a competitive market; then enter the profit-maximizing price and quantity that would be chosen if a monopolist controlled this market. Market Structure Price (Dollars) Quantity (Gyros) Competitive Monopoly Given the summary table of the two different market structures, you can infer that, in general, the price is higher under a and the quantity is lower under a
Use the photo at exercise 14 to solve the problem below Imagine that firm X chooses their quantity first, then firm Y observes the quantity of firm X and chooses their own quantity. What quantities will they end up choosing? Is there a first or second-mover advantage here? [You may assume that firm X can only choose quantities that are multiples of 200. This prevents you from having to deal with prices that are not on the schedule. Also it means you've done all the busy work already--assuming you did the assignment last week.....and got it right. So this shouldn't require a lot of calculations, just a little thinking about how equilibrium works in a sequential-move game. Oh, and just give me the quantity for each firm, don't worry about giving me a complete strategy for firm Y.]
Firm A produces good X and Firm B produces good Y with the following demand functions: Qx = 150 - 10Px - 4Py Qy = 75 - 5Py - Px Price of good X is $8 and price of good Y is $4. Firm A and Firm B will merge together. The firms have announced that price of good Y will decrease by 1 percent. Will the Department of Justice allow the merger? Show mathematically and very briefly explain.
PLEASE LOOK AT IT Use the photo at exercise 14 to solve the problem below With the Firm Y response function Qy=600-1/2Qx and the Firm X response function Qx=600-1/2Qy Imagine that firm X chooses their quantity first, then firm Y observes the quantity of firm X and chooses their own quantity. What quantities will they end up choosing? Is there a first or second-mover advantage here? [You may assume that firm X can only choose quantities that are multiples of 200. This prevents you from having to deal with prices that are not on the schedule. just a little thinking about how equilibrium works in a sequential-move game. Oh, and just give me the quantity for each firm, don't worry about giving me a complete strategy for firm Y.]
Explain whether the following sentence makes Good Economic Sense: “The way to tell if a business has monopoly power is to count the number of substitutes for that business’s product.”
Question 5: Jimmy has a room that overlooks, from some distance, a major league baseball stadium. He decides to rent a telescope for $50 a week and charge his friends and classmates to use it to peep at the game for 30 seconds. He can act as a monopolist for renting out "peeps". For each person who takes a 30 second peep, it costs Jimmy $.20 to clean the eyepiece. Jimmy believes he has the following demand for his service: Price of a Peep $1.20 Quantity of peeps demanded 1.00 90 100 150 200 250 300 70 60 50 350 40 30 400 450 20 10 500 550 a) For each price, calculate the total revenue from selling peeps and themarginal revenue per peep. Price Quantity TR MR $1.20 100 90 100 150 200 70 250 60 300 350 50 40 30 400 450 20 500 10 550 b) At what quantity will Jimmy's profit be maximized? What price will he charge? What will his total profit be? c) Jimmy's landlady complains about all the visitors coming into the building and tells Jimmy to stop selling peeps. Jimmy discovers, though, if he…
The following table shows the maximum amount five potential car buyers are willing to pay for each level of sales. Suppose that the cars are being sold by a car dealer operating as a monopoly (perhaps because there are no other car dealers in the market). Maximum Amount He or She Would Pay for the Car Buyer 1 $40,000 Buyer 2 $35,000 Buyer 3 $30,000 Buyer 4 $25,000 Buyer 5 $20,000 a) If the price of the car is $30,000, the revenue will be $............thousand.b) If the marginal cost of each car is $20,000. The monopolistic car dealer will want to sell 3 cars and the price will be $................. thousand.c) In a perfectly competitive market, the number of cars sold would be 5 cars. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
MelCo’s Xamoff The global pharmaceuticals giant, MelCo, has had great success with Xamoff, and over-thecounter medicine that reduces exam-related anxiety. A patent currently protects Xamoff from competition, although rumors persist that similar products are in development. Two years ago, MelCo sold 25 million units for a price of $10 for a package of ten. Last year it raised the price to $11, and sales fell to 22 million units. Finally, a financial analyst estimates the cost of production at $2 per package. (a) Estimate the elasticity of demand for this product at $10. Is this price too high or too low? (b) Estimate the elasticity of demand for this product at $11. Is this price too high or too low? (c) Based on your answers to (a) and (b), what can we say about MelCo’s profit-maximizing price?