Review Adam Smith's division of labor in the production of pins, pages 194-195, of
your text. How was it possible for the pin workers in Adam Smith's factory to increase their
productivity by over 400,000%?
Specialization and division of labor is a cri
What are the efficiency effects of monopoly viewed from a static and a dynamic
perspective? Consider including the following economic concepts in your discussion: rent
seeking, x-inefficiency, deadweight losses, productive efficiency, and product innov
Our task this session is to describe how game theory can be used to encourage ethical
decision-making within an organization. You may wish to review application 14.4 before
submitting your posts.
Game theory is a method of examining situations in which th
1) Using the graph provided at the web link, explain the general proposition that recipients
of a subsidy will be better off if a subsidy is given as cash rather than as in-kind transfers.
Are there any qualifications or reservations with this general pro
Our task this session is to share current-day examples of price discrimination, please
provide a fairly complete explanation. What is price discrimination, how does it affect both
consumers and producers. Is price discrimination applicable to producers? h
1. What are the unseen benefits of outsourcing?
There are several documented benefits of outsourcing, some more visible than others.
Obviously, there are typically cost savings associated with outsourcing of either labor or
supplies. Some of the other uns