MicroEconomics chap002

Microeconomics for MBAs 46

... percent of the workforce, and were typically far less than that Also, it was estimated that the probability of being laid off was 70 percent higher for white-collar workers than for blue-collar ... offered more for the corporation’s stock than the current price The first bidder is not necessarily the one best able to improve the performance of the target corporation, and therefore the first ... the case of takeovers But there are possibilities for overlap that are worth noting A justification for a controversial severance-pay contract for top managers is based on the desirability of...

Microeconomics for MBAs 47

... securities by corporations and disclosure of information relating to those issuances The commission has five members, who are appointed by the president for terms of five years It has jurisdiction ... is responsible for ensuring the purity, safety, effectiveness, and accurate labeling of certain foods and drugs No prescription or overthe-counter drug can be sold on the market before it has been ... market before it has been judged safe and effective by the FDA The agency is also responsible for enforcing a wide variety of consumer protection laws pertaining to the labeling, packaging, and...

Microeconomics for MBAs 48

... explained as an indirect form of taxation—in the sense that taxation is the government’s means of extracting money to pay for what are viewed as public goods and services For example, until 1978, ... environmental legislation, for instance In the late 1960s and 1970s, regulation may have depressed the returns earned by electric utilities Regulated industries have always had to wait for an upward adjustment ... cargo and the rates charged After taking a load to one destination, carriers were forbidden to pick up cargo for the return trip The railroads had an entire century of regulation-induced problems...

Microeconomics for MBAs 60

... process for prices in general As U.S demand for foreign goods rises, the demand curve for francs shifts outward from D1 to D , shifting the equilibrium from E1 to E As foreign demand for U.S ... more foreign imports, both directly and in the form of domestic goods that incorporate foreign parts or materials Either way, an increase in real incomes leads to an increase in the demand for foreign ... relative prices of foreign and domestic goods change If prices increase faster in the United States, for example, Americans will want to buy more foreign goods and fewer domestic goods Foreigners, on...

Microeconomics for MBAs 49

... for yielding to client pressure for higher ratings would cease to have the credibility that its clients are paying for So, in the bond rating business, corporations commonly give good money for ... abusive customers can make work a form of “hell” for the workers If forced to take excessive abuse, the workers would, no doubt, demand higher wages to compensate them for this abuse At some point, ... prefer and be willing to pay more for the second This situation suggests what looks like a profit opportunity for one of the hotel owners; establish a reputation for catering to the affluent and...

Microeconomics for MBAs 50

... survey your MBA classmates, for example, you will probably find that more of them would be willing to work at a job that paid $50 an hour than would work for $20 an hour (At $500 an hour, most would ... is greater for jobs offering nonmonetary benefits—S rather than S Given a constant demand for labor, the wage rate will be W2 for workers who not receive nonmonetary benefits and W1 for workers ... in submarket D1 Differences in skill may also account for differences in wages Most wages are paid not just for a worker’s effort but also for the use of what economists call human capital Human...

Microeconomics for MBAs 1

... by which buyers and sellers determine what they R.A Radford, “The Economic Organization of a POW Camp,” Economica (November 19 45), pp 18 02 01 Chapter The Economic Way of Thinking are willing to ... offered in different bungalows A priest, for example, found that he could exchange a pack of cigarettes for a pound of cheese in one bungalow, trade the cheese for a pack and a half of cigarettes ... nearby bombing, when Ibid., pg 19 0 Chapter The Economic Way of Thinking the nervous prisoners had smoked up their holdings of cigarettes, prices fell Radford saw a form of social order emerging...

Microeconomics for MBAs 2

... enforcer, such as the police and courts, and (2) the specification of rights in a legally binding “social contract,” meaning that a third-party enforcer is established Most of what we say for ... more than papayas for a coconut; Harry would be better off if he could give up fewer than papayas for a coconut If, for example, they agree to trade at the exchange rate of coconut for papayas, both ... a social contract, through which they define and enforce property rights, each can move to a higher utility level; Fred to UF2 and Harry to UH2 With social contracts, they both can move to higher...

Microeconomics for MBAs 51

... general and straightforward rule for organizing much production: Give workers a direct detectable stake in firm revenues or profits in order to raise revenues and profits Pay for performance One means ... of the second worker is therefore $24,000 (column 4): $22,000 for his services plus the $2,000 raise that must be given to the first worker TABLE 15.2 Market Demand for Tomatoes Number of Workers ... the textiles market demand curve for labor Given the demand for labor D, the monopsonist’s optimal employment level will be Q2 , where the marginal cost and demand for labor curves intersect Note...

Microeconomics for MBAs 52

... Competitive and Monopsonistic Labor Markets worker with $487.50 for the week, or a 2.5 percent reduction in pay for a 25 percent reduction in effort The lesson of this discussion is not that piece-rate ... and Monopsonistic Labor Markets effort workers apply, then the standard can be raised Workers should not object They are still getting their value for their effort They are not being made worse ... encourage performance The two-part pay contract salary plus commission is obviously a compromise between straight salary and straight commission pay structures For example, a worker for a job...

Microeconomics for MBAs 3

... Abowd, “Does Performance -Based Managerial Compensation Affect Corporate Performance?” Industrial and Labor Relations Review, vol 43 [special issue, February 1990], pp 52S–3S) 23 See James A Brickley, ... Indians hunted animals for their skins, the demand and therefore the price of animal skins increased This provided an incentive for the Indians to hunt beyond the ir demand for meat Under communal ... benefit from his efforts in terms of more animals for them to kill There was, in other words, no assurance that the Indian who built up the stock of animals would reap the benefits (For the same reason,...

Microeconomics for MBAs 4

... California to Wilkes-Barre 3535 The late Mr Reed was the founder of the Foundation for Economic Education Permission for use in this volume granted by Donald Boudreaux, President, Foundation for ... on managers is also necessary for understanding firms’ financial structure For example, the question of what combination of debt and equity instruments is best for financing a firm cannot be ... which mankind cannot too long persist without peril For, as a wis e man, G.K Chesterton, observed, “We are perishing for want or wonder, not for want of wonders.” I, Pencil, simple though I appear...

Microeconomics for MBAs 5

... stimulates the exchange of information, forcing competitors to reveal their plans to prospective buyers or sellers The exchange of information can be seen clearly at auctions Before the bidding begins, ... every price For example, they want Q3 instead of Q2 tomatoes at price P2 Consumers are also willing to pay a higher price now for any quantity For example, they will pay P3 instead of P2 for Q2 tomatoes ... suggested that the market process is manageable for people like Fred Lieberman precisely because prices condense into usable form a great deal of information, signaling quickly what people want,...

Microeconomics for MBAs 53

... dependent on their firms’ performance Former Scott Paper CEO Al Dunlap renowned for revitalizing dying companies with ruthless cuts in jobs, wages, and perks exudes pride for the $6.5 billion in ... Markets 40 performance The greater the firm performance, the greater the total compensation of executives.40 Economics Professor Kevin Murphy found that for executives who worked for companies ... totally by a percentage take The reason is the same as the one given above for the two-part performance pay system for workers: Both the landlords and tenants have an interest in sharing the...

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