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Consider the following demand schedule for movie tickets
Price Quantity Demanded (Ticket per day)
9 100
8 200
7 300
Suppose the price of a movie ticket falls from $9 to $7.
a. Calculate the price elasticity of demand for movie tickets:
b. Is demand for movie tickets elastic or inelastic?
c. What is the change in the total revenue from the sale of movie tickets.
Calculate the cash flows at the end of each trading day and compute your total profit or loss at the end of the trading period.
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The year 1998 saw an unprecedented number of mega-mergers in the banking industry: NationsBank with BankAmerica, Bank One with First Chicago NBD, and Citicorp with Travelers Group, to name the three largest mergers.
Grapg a series of isoquants for the production function q=10, 15,20. Plot at least 5 points for each isoquant by assuring value for q and then a value for L and solving for the remaining value of K to get the needed level of q.
Which of the non negativity constraints on x1; x2 will bind for small m? c. Derive for the Marshallian demand functions and the indirect utility function. d. Derive the expenditure function for utility level u.
How would such a subsidy affect the market supply curve in the industry
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A purely competitive firm finds that the market price for its product is $20. It has a fixed cost of $100 and a variable cost of $10 per unit for the first 50 units and then $25 per unit for all succcessive units. Does price exceed average variable c..
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a. Describe a situation where prices have been held out of equilibrium due to government intervention in the market-the obvious ones discussed in the text are rent control and agricultural subsidies. You may use a specific example of one of these,..
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