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The owner of a baseball team and local stadium has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 - 0.2Q, where P is the average price of a ticket and Q represents the number of seats (expressed in thousands). The local stadium seats a maximum of 56,000 per game. The price has been set at $10 per ticket. (Note: Assume that all seats and all games are the same in this problem.)
a. If the owner is only interested in maximizing revenue, has he over-priced or under-priced the tickets?
b. Suppose the owner offers you 10% of any increase in revenues that you can generate. If you can only choose a uniform per-ticket price, what is the maximum amount you can earn per game?
Explain WHY profits are maximized or losses minimized at the level of output where marginal revenue equals marginal cost.
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In the long run, both monopolistically competitive and perfectly competitive firms attain
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By choosing to right of mid point but to left of republican agenda democrats would get more than half of votes and win What happens if democrats have a fairly socialist party agenda and locate to left of midpoint.
Per capita income in County A is $45,000. Per capita income in County B is $38,000. Physician visits average 3.4 per year in County A and 3.2 per year in County B. What is the percent change in the demand for visits?
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Find the lump sum deposited today that will yield the same total amount as this yearly payment made at the end of each year for 20 years at the given interest rate, compounded annually. $55,000 at 5%.
Silly Sally sells sea shells at the Sea Shore Store. The average and standard deviation of demand during replenishment lead time is 60 and 10?units, respectively. If Sally places an order at the end today when she has 65 units on hand what is the pro..
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