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Book: Froeb and McCann,Managerial Economics—A Problem Solv

Book: Froeb and McCann,Managerial Economics—A Problem Solv

Book: Froeb and McCann,Managerial Economics—A Problem Solving Approach, 2nd edition, 2009Questions:1. UnitedSupermarket located in Weatherford, OK occasionally holds a “better than taxfree” sale for Saturday shoppers.  Yourtotal purchase will be reduced by 9.5% if you shop at United on a tax free day.Please provide at least two economicreasonings for this strategy.2.  Please provide two examples, one of adverse selectionand one of moral hazard, in online learning. 3.  Choose anonline store you or your friends have shopped before. a. Name the onlinestore/website.b. List and analyze theirindirect price discrimination strategies. 4. In 2011, JCPenneyhired Ron Johnson, a former Apple executive, to turn its sales around. Severalstrategies he conducted included:(1)  He scrapped salespeople’s commissions in favor offixed hourly wages.(2)  He set up in-store boutiques for famous brands. (3)  He eliminated coupons, clearance racks, and salesevents, and introduced a “fair and square” pricing.a. Being a customer,are you in favor of JCPenney’s “fair and square” pricingstrategy? Why or why not.b. Ron Johnson was dismissedon April 6th because he failed to increase JCPenney’s sales. Being afuture Chief Executive Officer, what did you learn from his story? (Answerthis question from the aspects of incentive mechanism and price discrimination)5. You and aclassmate are assigned as study partners. The following matrix shows thepayoffs from shirking and working. If you both work hard, you both receive agrade of A.  If one of you shirks, bothof you will receive a grade of B and the shirker will receive happiness fromleisure. If both of you shirk, you both receive a grade of C and happiness fromleisure. YouShirkWorkClassmateShirkC+Leisure , C+LeisureB+Leisure , BWork  B , B+Leisure  A , ASupposeboth students rank the outcomes as follows: (1)A grade of B and leisure is better than (2)A grade of A and no leisure, which is better than (3)A grade of C and leisure, which is better than (4)A grade of B and hard work. a.  Assign “numbers” to this payoff matrix and make(shirk, shirk) the Nash equilibrium.b.  Suppose you and your classmate aim to achieve academicexcellence (earning a grade of A). Provide solutions to get out of the“prisoner’s dilemma”.Supposeboth students rank the outcomes as follows. Now it becomes a game ofchicken with two equilibria.(1)A grade of B and leisure is better than (2)A grade of A and no leisure which is better than (3)A grade of B and hard work which is better than(4)A grade of C and leisure.c.  Assign “numbers” to this payoff matrix. What are the Nashequilibria?d.  Provide solution(s) to change the game to youradvantage (improve your payoff from the game).6.Choose any of your favorite movies or cartoons that illustrate the followingeconomic concepts. Fixed(Sunk) cost Fallacy, Hidden cost Fallacy, Economies of scale and scope, Supplyand demand, Elasticity, Pricing commonly own products (substitutes orcomplements), Direct price discrimination, Indirect price discrimination, Strategicgames, Adverse selection, Moral hazard. a.  Briefly explain the plots.b.  How does the movie/cartoon relate to the economicsconcepts?

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