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An amusement park, whose customer set is made up of two markets, adults and children, can be expressed in equation form as follows (where subscript A refers to the adult market, subscript C to the market for children, and subscript T to the two markets combined):QA = 20 - 1PAQC = 30 - 2PCQT = 50 - 3PTThe marginal operating cost of each unit of quantity is $5. The owners of the amusement park wish to maximise profits.
a. Solve these equations for the maximum profit that the amusement park will attain when it charges different prices in the two markets and when it charges a single price for the combined market.
b. What is a two-part tariff? How can a firm determine an optimal two-part tariff it has two customers with different demand curves?
Newton exports all their products outside the city and Garfield only sells their products within the city. Newton experiences growth, so it hires 100 more workers, all of whom come to reside in city A.
There are three firms in an economy: A, B, and C. Firm A buys $250 worth of goods from firm B and $200 worth of goods from firm C, and produces 200 units of output, which it sells at $5 per unit. Firm B buys $100 worth of goods from firm A and $15..
Demand estimation for brand-name consumer products is made difficult by the fact that managers must rely on proprietary data. There is simply not enough publicly available data, which can be used to estimate demand elasticity for brand-name produc..
Suppose that the market (in the graph above) is initially in equilibrium. Assume that consumer preferences shift and people want more of this product, and, at the same time, producers get an improvement in technology which lowers their production ..
In many states with lotteries, people can take their winnings in a single, discounted, lump-sum payment or in a series of annual payments for 20 to30 years. What factors should a winner consider in determining how to take the money
Director of marketing at Vanguard Company believes that sales of the corporation's Bright Side laundry detergent (S) are related to Vanguard's own advertising expenditure,
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Seth could consume $120 next year if he saved all his current earnings. He expects to earn nothing next year. The intertemporal budget constraint for Seth is given by the equation C2 = 120 - 1.2C1 where C1 = possible consumption in year 1 and C2 =..
The following are the demand and total cost schedules for Company Town Water, a local monopoly: Output in Gallons Price per Gallon Total Cost 50,000 $0.28 $6,000 100,000 0.26 15,000 150,000 0.22 22,000 200,000 0.20 32,000 250,000 0.16 46,000 300,0..
If the current price of the product is $100, what is the quantity supplied and the quantity demanded How would you describe this situation and what would you expect to happen in this market
The demand function for VCRs has been estimated to be Q_v=134-1.07P_t+46P_m-2.1P_v-5M , where Q_v is the quantity of VCRs, P_t is the price of a videocassette, P_m is the price of a movie, P_v is the price of a VCR, and M is income.
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