Monroe College Chapters 10 12 & 20 Economics and Commerce Questions

Please answer these questions based on the material in Chapters 10 and 12-20.

Your response to each question should be less than one page

1. Suppose you are negotiating the salary for a new job offer, and your potential employer mentions that they have another candidate who is willing to accept less money than you request. Based on the discussion in our textbook, what impact should this information have on your bargaining position? When should this information have no impact on your bargaining position?

2. For the console video games , please devise a price discrimination scheme intended to increase total sales revenue. Some groups considered price discrimination during their presentations, so your response to this question should offer another form of price discrimination for this product. In particular, you should describe the type of price discrimination to be used as well as the types of customers who will pay higher or lower prices. As well, you should consider the potential for resale among customers.

3. started as a traditional auction site in which the bidding on an item lasted a specified amount of time, and the highest bid at the closing time was the winner. Most items on are now posted with a set purchase price for the item, and any buyer who is willing to pay that price can purchase the item immediately. However, some items are still sold by auction (e.g., art works and other collectibles), and one piece of information provided for an auction is the number of existing bids. Based on the discussion of auctions in the book, what is the expected impact of the number of bidders on the sales price for an item? Should you adjust your bid as the number of bidders increases?

4. For the JEWELRY INDUSTRY, please describe a situation in which adverse selection or moral hazard arises in this business. Then, you should describe the way that this asymmetric information problem is commonly resolved in this market.

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