TAILIEUCHUNG - Microeconomics for MBAs 14

Microeconomics for MBAs 14. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 4 Government Controls How Management Incentives Are Affected 24 Government power can also be used to eliminate externalities or reduce monopoly power. Whether the use of such controls is considered good or bad depends to a significant extent on one s personal values and circumstances. In a free market system price controls and consumer protection will always be controversial. In the case of minimum wage hikes it appears that policy makers and economists alike have failed to grasp an important lesson The hikes do not destroy competition only redirect its force. They also give managers an incentives to find ways of reducing their impact on employment - and the net benefits of the hikes to the workers. Review Questions 1. Is a tax on margarine efficient in the economic sense of the term Why would margarine producers prefer to have an excise tax imposed on both butter and margarine Would such a tax be more or less efficient than a tax on margarine alone 2. If punishment for crime is a kind of tax on those who engage in illegal activity what effect would the legalization of marijuana have on its supply and demand What would happen to the market price The quantity sold Illustrate with supply and demand curves. 3. If in a competitive market prices are held below market equilibrium by government controls what will be the effect on output How might managers be expected to react to the laws 4. Why might some managers want price controls Why don t they get together and control prices themselves if it were legal 5. How would price controls affect a firm s incentive to innovate Explain. 6. If prices are controlled in only one competitive industry the resulting shortage will be greater than if prices were controlled in all industries. Do you agree Explain. 7. Price controls can be more effective in the short run than in the long run. Explain. 8. Why would some firms want the minimum wage to be increased Why would some managers who believe that workers deserve higher .

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• Society and Business
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