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A small fitness center that offers only personal training services has the following demand and cost parameters: Demand: The fitness center has found that it has some discretion in pricing¬¬—that is, it can raise price marginally without drastic reductions in volume. Based on statistical estimates of demand and assuming that external factors stay constant (e.g., price of competitors' services, income levels, etc.), the following relationship exists between the hourly rate for a personal training session (P) and the number of sessions demanded per day (Q): P = 140 – Q. Costs: The fitness center finds that its variable costs (e.g., labor) increase at a constant rate of $40 with each additional training session provided per day. Fixed costs such as rent are equal to $200 per day. This yields the following total variable cost (TVC) and total fixed cost (TFC) equations: TVC = 40Q. TFC = 200. Indicate how many session the fitness center should schedule a day, what hourly rate they should charge, and what profit or loss they would generate.
Wheat can only be sold at a central market place M. All producers that do not produce it at M need to haul it there in 11order to sell it and will incur transportation cost. Calculate the maximum distance to the east of M at which the good will be pr..
Find an article from a reputable news outlet (this should be a news article not an academic one) that both relates to the content of this semester and contains a graphic presentation of data. Assess how well the author's graphic accurately communicat..
Consider an economy where there are 100 unemployed persons and 900 employed persons. The job finding rate (f) of the economy is 0.3 and job separation rate of the economy (s) is 0.02. What is the average spell of employment? What is the average spell..
Assume that macroeconomic forecasters predict that the economy will be expanding in the near future. Explain how might managers use this information.
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the fir..
What does price elasticity of demand tell us about the impact of a price increase on total revenue? What are some goods with highly inelastic price elasticity of demand and how does governmental taxing policy take advantage of that?
His uncertainty about total sales of the book can be represented by a random variable with a mean of 30,000 and a standard deviation of 8,000. Find out the mean and standard deviation of the total payments he will receive.
Complete an in-depth analysis of a current labor event in one of the following countries: China, Hong Kong, France, England/UK, Germany, or Mexico. Pick a single specific topic of labor relations to evaluate, such as strikes, formation, impasse resol..
Thomas has income of $1500 today and $1000 tomorrow. He can lend and borrow at an interest rate of 10%. There is 10% ina´ation. His preferences for inter temporal consumption are represented by the following utility function U (c1 ; c2 ) = c1 + c2. W..
Assume a large world economy with several countries. There is a good that can be produced domestically by every country in the absence of trade. Suppose Country 1 has the following demand and supply curves for this good: D1= 28-2P and S1= 2P-4. By ho..
Compute the opportunity costs for producing a single Twinkie and a single cupcake for Jasper and for Jasmine. Does either have an absolute advantage in the production of Twinkies.
If the firms form a cartel to maximize industry profit, what is the industry marginal revenue at the profit-maximizing level of output?
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