MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 21, Problem 2IP
To determine

Predatory irrational behavior.

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Burger King has introduced new strategy by reducing the price of its Whopper by 75 percent if customers also purchased french fries and a soft drink. Nevertheless, the sales dropped within two weeks. Based on your knowledge on game theory, what do you think had happened? The Edge magazine columnist, Jack Sparrow reported the recent findings of two academic political scientists. These scholars found out that voters are not happy with “negative campaigns” of politicians. However, the political scientists suggested it is pointless for candidates to stay positive. The damage from staying positive is heaviest when the opponent is attacking. Explain the dilemma.        Airlines practice price discrimination by charging leisure travelers and business travelers different prices. Why do you think by charging different prices; the airline companies will maximize their profits? Discuss briefly.
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Who   detected   the   endowment   effect   first?   Tell   us   about   the   design   of   the  experiment   and   its   main   conclusions.
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