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A barber charges $12 per haircut and works Saturday through Thursday. He can perform up to 20 haircuts a day. He currently performs an average of 12 haircuts per day during the weekdays (Monday through Thursday). On Saturdays and Sundays, he does 20 haircuts per day and turns 10 potential customers away each day. These customers all go to the competition. The barber is considering raising his prices on weekends. He estimates that for every $1 he raises his price, he will lose an additional 10% of his customer base (including his turnaways). He estimates that 20% of his remaining weekend customers would move to a weekday in order to save $1, 40% would move to a weekday in order to save $2, and 60% would move to a weekday in order to save $3. Assuming he needs to price in increments of $1, should he charge a differential weekend price? If so, what should the weekend price be? (Assume he continues to charge $12 on weekdays.) How much revenue (if any) would he gain from his policy?
Assume two firms, A and B, serve a market with demand D(p) = 100 - p. Assume that (i) they have identical cost functions, c(Q) = 5Q,
Provide the demand curve in part a, what is the equilibrium price and quantity. If consumer income increases to 30,000 what will be the impact on equilibrium price and quantity.
What is the key difference between "old-fashioned" and "high tech" crises? What are the limits of the interest rate approach to resolving balance of payments crises?
Does it affect a monopoly's profit if it chooses price or quantity (assuming it chooses them optimally)? Why can't a monopoly choose both price and quantity?
What special features does France have that put it top of the international arrivals table? What factors may account for the fact that France has more international tourist arrivals than the USA but lower receipts?
On November 1, 2015, a particular book about fantastic beasts (and where to find them) was being sold by Amazon.com for $107.60. At the same time, this book could be purchase dat the Amazon.uk website for the sterling equivalent of $43.92.
At a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1.0). So how many popsicles will be sold each day i..
Explain why there has been an increased use of risk-based auditing approach in recent years and what advantages for the auditors from the adoption of such an approach.
"Tim told me he talked to you about the compliance issue with the Sarbanes-Oxley Act (SOX)," she says. "Your first priority is to review Apex's financial statements. Once you're familiar with our financial history, I want you to prepare a presenta..
There are economies of scale in ranching, especially with regard to fencing land. Suppose that barbed-wire fencing costs $10,000 per mile to set up. How much would it cost to fence a single property whose area is one square mile
what must the rate on municipal bonds be in order for the marginal investor to be indifferent between purchasing municipal bonds or CDs - what will be the maximum price people will pay for it?
What are the effects on the French balance of payments of the following set of transactions? Les Fleurs de France, the French subsidiary of a British company, The Flowers of Britain, has just received.
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