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You operate a small but popular and profitable restaurant/bar in a college town. There are several other restaurants and bars nearby. You have conducted a market research study and discovered that the price elasticity of demand for local residents is lower (less elastic) than the price elasticity of demand for college students, who are usually in town only while the college is in session about 9 months out of the year. Discuss at least two pricing strategies you can use to increase your revenues and analyze them in terms of their ability to generate additional profits. Indicate any additional assumptions you are making
How much does New York job have to pay in order for two salaries to represent about same purchasing power. When box office receipts are corrected for inflation, No.
The consumption of both x1 also x2. Label income also substitution effects for both goods. Illustrate what is the implication of product differentiation in defining market structure.
What is rent seeking behavior? How does it explain why government has grown in recent years and how it explain why it is difficult to change tax or spending policies in the United States?
Suppose a wage increase from $25 to $27 an hour increases the number of job applicants from 52 to 66. Illustrate what is the price elasticity of labor supply.
Why the coming recovery will hurt like hell? What do you need to know about globalization? What is the best way to prepare for your future so that you can better deal with globalization?
As per the mathematical laws that govern the relationship between average total cost and marginal cost, where must these two curves intersect.
A container contains 36 light bulbs, four of which are defective. What is the probability that, if a sample of eight is chosen at random from the carton of bulbs, x will be defective?
ABC Company acquired some land (independently appraised at $12,000) and paid for it by issuing 1,000 shares of its common stock (par $10 per share; no market price was quoted). How should this transaction be reported on the Statement of Cash Flows (S..
Describe the equilibrium price and sales of X. Let PY = $10. Determine whether X and Y are substitutes or complements.
Illustrate what real world data would you want to examine. What would you consider to be evidence of tit-for-tat pricing.
The machine will be operating 2,500 hours per year with annual maintenance and operating costs of $6,000. Using an interest rate of 15%, what will the hourly cost be to run this machine?
Show that the following relation holds true sqrt((m - 1)/m) = (QE/Q*) = sqrt((m + 1)/m). What is the underlying reasons that this relation holds? Provide an interpretation of that relation.
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