Microeconomics for MBAs 1
Microeconomics for MBAs 1
... camp. 1 A market is the process by which buyers and sellers determine what they 1 R.A. Radford, “The Economic Organization of a POW Camp,” Economica (November 19 45), pp. 18 0- 2 01. F Chapter 1. ... bombing, when 2 Ibid., pg. 19 0. Chapter 1. The Economic Way of Thinking 3 the nervous prisoners had smoked up their holdings of cigarettes, prices fell. Radford saw a form of social order emerging ... 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...
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Microeconomics for MBAs 46
... managerial reluctance of the 19 60s, 19 70s, and into the 19 80s was partly responsible for the depressed stock prices that corporate raiders were able to take advantage of by buying a 19 John J. McConnell ... Summer 19 90, vol. 3 (Summer 19 90), pp. 70- 81. 22 See Sanjai Bhagat, Andrei Shleifer, and Robert W. Vishny, “Hostile Takeovers in the 19 80s: The Return to Corporate Specialization,” pp. 1- 72 in ... attempts (50 of which were successful) from 19 84 -19 86 were examined. 22 According to this study, layoffs were common, but seldom exceeded 10 percent of the workforce, and were typically far less than...
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Microeconomics for MBAs 47
... early 19 83, but was re-controlled in 19 84 for two more years. Starting January 1, 19 85, all gas discovered after April 20, 19 77 was deregulated, while gas discovered before this date was for the ... serve five-year terms. In the late 19 60s and early 19 70s, the FPC came under attack for its tight controls on the price of natural gas. In 19 75, 19 76, and 19 77, several states experienced serious ... megawatts is $90 ($50 for the first megawatt plus $40 for the second), the average cost of each megawatt is $45 ($90 divided by two units). Chapter 14 Business Regulation 11 FIGURE 14 .2 Long-Run Marginal...
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Microeconomics for MBAs 48
... 19 84) 7 Richard W. Caves, “Performance, Structure, and the Goals of Civil Aeronautics Board Regulation,” in The Crisis of the Regulatory Commissions, p. 13 4. Chapter 14 Business Regulation 16 ... its rates to allow for an additional $10 0,000 in profit (10 percent of $1 million). If it uses labor instead, it will have no increase in investment on which to base a request for a price increase. ... University of Chicago Press, 19 75), and Stephen Breyer, Regulation and Its Reform (Cambridge, Mass.: Harvard University Press, 19 82). Chapter 14 Business Regulation 18 The railroads supported...
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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 D 1 to D 2 , shifting the equilibrium from E 1 to E 2 . As foreign demand for ... of foreign goods can be lower. Like any other form of price control, however, control of foreign exchange rates creates its own problems. If the exchange rate is fixed—at ER 1 in Figure 17 .8, for ... _________________________________________ FIGURE 17 .7 Effect of an Increase in Demand for Francs An increase in the demand for francs will shift the demand curve from D 1 to D 2 , pushing the equilibrium from E 1 to E 2 . At the...
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Microeconomics for MBAs 49
... consumers pay, and for a long time the conventional 11 See Steve Stecklow, “Evangelical Schools Reinvent Themselves by Stressing Academics” The Wall Street Journal, May 12 , 19 94: p. A1. 12 Ibid. We ... regulation. In the real 14 Louis Lee, “Without a Receipt You May Get Stuck With That Ugly Scarf,” Wall Street Journal, November 18 , 19 96, p. A -1. 15 Ibid. Chapter 14 Business Regulation 31 world, however, ... level? Why or why not? Price Marginal Consumers Quantity Cost Will Pay 1 $ 21 $45 2 18 36 3 15 27 4 12 18 5 9 9 6 6 0 CHAPTER 15 Competitive and Monopsonistic Labor Markets Labour, like all other...
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Microeconomics for MBAs 50
... in Figure 15 .5(a). Other players are in submarket D 1 . 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 ... (4) First laborer 6 $2 $12 Second laborer 5 2 10 Third laborer 4 2 8 Fourth laborer 3 2 6 Fifth laborer 2 2 4 Sixth laborer 1 2 2 If the wage rate is slightly below $12 an hour, the employer ... the second worker if she has to pay him $12 for an hour’s work and receives only $10 worth of product in return. If the wage rate is slightly lower than $10 , the employer can justify hiring two...
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Microeconomics for MBAs 2
... C.B. Macpherson [Baltimore, Md.: Penguin Books, Inc., 19 68 (first published 16 51] , pp. 18 5–88. Chapter 1. The Economic Way of Thinking 14 In an idealized world in which people are fully considerate ... Figure 1. 1, areas where their spheres of interests intersect. It is here that the potential for conflict arises, that a dividing line between “mine” and “thine” must be drawn. Figure 1. 1 Individuals ... the “state of nature,” to cell 1, a state in which a social contract is agreed upon. 11 Locke, The Second Treatise, p. 32. Chapter 1. The Economic Way of Thinking 17 There are two reasons why...
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Microeconomics for MBAs 51
... often paid by the number of concerts played. 10 Howard Banks, "A Sixties Industry in a Nineties Economy," Forbes, May 9, 19 94: pp. 10 7 -11 2. 11 FedEx actually tracks its delivery people ... staggering. If the wage rises from W 1 to W 2 in Figure 15 .7, the total wage bill for the first Q 1 workers rises by the wage increase W 2 – W 1 times Q 1 workers. Table 15 .2 shows how the effect of ... in their work. 12 Tron Petersen, “Reward Systems and the Distribution of Wages,” Journal of Law, Economics, and Organizations, vol. 7 (special issue), 19 91, pp. 13 0 -15 8. Chapter 15 Competitive...
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Microeconomics for MBAs 52
... vol. 21 (19 78), pp. 297-326. Chapter 15 Competitive and Monopsonistic Labor Markets 25 worker with $487.50 for the week, or a 2.5 percent reduction in pay for a 25 percent reduction in effort. ... reduction minus the $11 0 reduction in money wages). The employer gives up the piece-rate system simply because he or she can make a profit -- $10 in this example -- off each worker ( $11 0 reduction in ... cannot be easily monitored. For example, salespeople who are 14 L. Hayes, “All Eyes on Du Pont’s Incentive Program,” Wall Street Journal, December 5, 19 88, p. B1. 15 R. Koening, “Du Pont Plan...
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