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The following data reveal how much each consumer is willing to pay for an Alaskan cruise: Amy $900 Ed $2,000 Bob $1,100 Gigi $1,300 Carol $1,500 Hugo $1,800 Eduardo $400 Isabelle $1,500 (a) Draw the market demand for these eight consumers on the accompanying graph. (b) If the cruise costs $1,000, how many passengers will there be? (c) If the cruise costs $1,000, how much total revenue will be collected? (d) If the cruise costs $1,000, how much consumer surplus will those passengers enjoy? (e) If the cruise ship could perfectly price discriminate, how much more revenue could it take in?
"Since the indirect utility function, under standard assumptions, is quasi-convex in prices, randomization over equilibrium prices can be Pareto improving even if fundamentals are not stochastic." Assess this claim and its implications or compatibi..
identify the following cpus 1 the cpu that resides on a computer that you own or a computer that you would
in november 1990 chrysler corporation announced plans to initiate three-shift or nearly continuous 21-hours-per-day
All investors actually face two dimensions of risk tolerance: their willingness to take risk and their ability to take risk. First, what is (are) the primary factor(s) that determine(s) each? Next, why would they be (are they) different
Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically). If the price of this item increases, how woul..
For each of the following, is the industry perfectly competitive? Referring to market share, standardization of the product, and/or free entry and exit, explain your answers.
A New Hampshire resort offers year-round activities: in winter, skiing and other activities to be cold; and in summer, golf, tennis and hiking. The costs of running resort are essentially the same in winter and summer.
Unit elastic demand occurs
identify the following components for a lesson you might want to teach 1 intended grade level for instruction 2 subject
Rivalry and excludability are the two characteristics of goods that are produced through the competitive market system. Compare and contrast the difference in private and public goods based on these two characteristics.
When the Fed buys government securities in the open market, the money supply ________ because ________. In the quantity theory of money, the assumption that aggregate output is fixed is based on the view that ________.M1 differs from M2 because _____..
Finally, she can take an hour drive to out of town to a neighboring city and pay 84 for the suit. Hannah makes $85 dollars and hour where she works. She has time to take off work to purchase her suit, so each hour away from work is 80 dollars in lost..
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