Economics questions and answers in December 2021

A company in the golfing industry is interested in testing its new driver to see if it has greater length off the tee than the best-selling driver. To do this, it has selected a group of golfers of di...
Catergorize each of the following statements as either describing Adverse Selection or Moral Hazard. Prompt 1Jim Halpert hitting his commission cap and then creating a fake message from the CEO to Gab...
To test the effect of billboard advertising on sales revenue, you decide to run an experiment. In Market X, you advertise using billboards for a month, in another distinct market that is very similar,...
You've just decided to add a new line to your manufacturing plant. Compute the expected profit from the line addition if you estimate the following: There is a 50% chance that profits will increase by...
Rod and Todd Flanders have been working jobs in HR that pay $40,000 and $20,000 per year, respectively. They are trying to decide whether to quit their jobs and jointly open a snow cone shack, which t...
Consider the following normal form representation of a negotiation between management and labor over wages:                                                              ...
If the demand curve for Pfizer's Norvasc, a blood pressure medication, is more elastic in the United States than it is in Mexico, how could Pfizer use this information to maximize their profits?   1)...
Suppose you own a shoe store and that as a result of advertising a particular brand of shoe, the product's elasticity changed from -1.5 to -2. Suppose further that the marginal cost of producing the p...
To influence consumer behavior in tourism, marketers oftentimes use images of tourism destinations that would create expectancies of what to experience if travelling to that particular destination. Vr...
The manner in which human beings act and conduct themselves in a tourism and travel context is important for tourism researchers and industry in order to gain knowledge of:       A. The way tourist...
In the last stage of the decision making process, travelers evaluate their experiences. These evaluations are oftentimes based on the cultural background of the traveler. The Chinese and the USA marke...
Question 1 (1 point)     If I regress win % on a team's field goal percentage (FG%), average opponent FG%, and the team's offensive rebounds per game using a sample of NBA team-seasons, which of the...
Question 15 (1 point)       True or false: In a league with 100% revenue sharing among teams, it is always best from the owners' perspective for the league's Noll-Scully measure to be as low as pos...
Question 14 options: A team has a demand curve for jerseys given by P = 120 - 0.01Q. If the team is selling 800 jerseys, what is P?       If the team lowers P by $1 at this point on the demand curv...
Suppose that two firms compete and can choose to be aggressive or passive with payoffs as follows.   Firm 2 Aggressive Firm 2 Passive Firm 1 chooses Ag 25,9 33,10 Firm 1 chooses Passive 30,13 36,12 F...
In a Cournot market where all firms sell an identical good and have identical production technologies with constant marginal costs then introducing an additional firm will lead to a higher quantity pr...
 choose go up /go down/not chnage   BI and GG are the only producers in the market for gizmos and compete by setting prices. Suppose that leading safety experts begin to recommend that all home owne...