Fetching a hot dog for someone

Assignment Help Macroeconomics
Reference no: EM131049257

Bart Wurst runs the only hot-dog stand in a large park in a large boring town. On Sundays people in this town all sit in the park and sunbathe. For any t between 0 and 30, the number of people who are sitting within t minutes of Bart's stand is 10t2. People in Bart's town are lazy and hate to walk. They think that every minute of walking they do is as bad as spending $.10. Everybody in the park has a reservation price of $1 for a hot dog, where the cost of a hot dog includes the subjective cost of walking as well as the money price they have to pay when they get there. (Nobody has ever thought of fetching a hot dog for someone else.) Find a formula for the demand curve for Bart's hot dogs. Explain how you got it. 

Reference no: EM131049257

Questions Cloud

What bid price should you submit on the contract : Consider a project to supply 116 million postage stamps per year to the U.S. Postal Service for the next five years. You have an idle parcel of land available that cost $2,060,000 five years ago; if the land were sold today, it would net you $2,260,0..
What is the present value of this investment : Dynamics Telecommunications Corp. has made an investment in another company that will guarantee it a cash flow of $30,000 each year for the next five years. If the company uses a discount rate of 11 percent on its investments, what is the present val..
Policy reasons for holding accountants liable : Question with Sample Answer The accounting firm of Goldman, Walters, Johnson & Co. prepared financial statements for Lucy's Fashions, Inc. After reviewing the various financial statements, Happydays State Bank agreed to loan Lucy's Fashions $35,00..
Indifferent between accepting the project and not accepting : Your firm is contemplating the purchase of a new $620,000 computer-based order entry system. The system will be depreciated straight-line to zero over its five-year life. It will be worth $68,000 at the end of that time. You will be able to reduce wo..
Fetching a hot dog for someone : Everybody in the park has a reservation price of $1 for a hot dog, where the cost of a hot dog includes the subjective cost of walking as well as the money price they have to pay when they get there. (Nobody has ever thought of fetching a hot dog ..
According to the dividend-discount model : Assume Gillette Corporation will pay an annual dividend of $0.64 one year from now. Analysts expect this dividend to grow 12.5% per year thereafter until the 4th year. Thereafter, growth will level off at 2.2% per year. According to the dividend-disc..
Program to more closely match their actual setup : The covered slip will include all the information of the regular slip, but will also have a height. Because some of these covered slips also have doors (and others do not), you need to track this information for each covered slip.
Dream job is political and community organizer : Dream house costs $1,724,000, dream job is political/community organizer which makes $72,000 per year. What is 20% of your dream home value (this is the down payment for your house) and what is 20% of your monthly income? How long will it take you to..
Common form of big business in america : Oligopoly is a common form of big business in America. Automobiles, soft drinks, fast food franchises, cigarettes, beer, and cell phone services all fall into the category of oligopoly.

Reviews

Write a Review

Macroeconomics Questions & Answers

  When factors of production are combined to produce

When factors of production are combined to produce a particular level of output, what would be the effect on total product when all factors are kept fixed and only one factor is varied

  Optional strategies to tackle a foreign market

Determine the pros and cons of optional strategies to tackle a foreign market, such as acquisition of a local company, direct investment in production

  What does it mean by a growing economy

A growing economy means that the economy is producing more and more "stuff", either because it has more resources (workers), or uses those resources more productively (smarter, better workers, working with better machines and systems).

  Suppose we have a random sample with 8 observations x1-2

suppose we have a random sample with 8 observations x1-2 x2x3-1 x4x5x60 x73 x88. then density function of x is given

  Effects of wage inequality in the us

Several believe that wage inequality in the United States will generate shifts in labor markets such that gap between most highly skilled in the population and least skilled will start to fall in the near future.

  Calculating present worth

A firm wants to lease some land from you for twenty years and build a warehouse on it. As your payment for the lease, you will own the warehouse at the end of the twenty years.

  Discuse the is-lm and equivalent ad-as framework

Identify and discuse the IS-LM framework (determination ofincome and the interest rate) and equivalent AD-AS framework.(determination of price level and income) and how changes inequilibrium occur as a result of changes in fiscal

  Question about surplus

During the Great Depression, federal government swung into action to help farmers. In 1933, it established a system of price support for several agricultural products.

  Give difference in household saving rates btwn two countries

Two countries alike in all other respects differ markedly in their provision of social insurance. One country provides old-age retirement pensions, unemployment insurance, and catastrophic illness insurance

  Give answers for below questions in detailnbsp nbsp nbsp

give answers for below questions in detail....nbsp nbsp nbsp nbspa show how to find equilibrium in an rc model

  Whether events would cause increase or a decrease in supply

Consider the market for economictextbooks. Explain whether the following events would causean increase or a decrease in the supply or an increase or adecrease in the quantity supplied. The market price of paper increases.

  What arrangements is zaneb likely to encounter

Zaneb is a high-school teacher and is well known in her community for her honesty and integrity. She is shopping for a new car and plans to borrow the money to pay for it from her local bank. Does Zaneb create any moral hazard or adverse selection..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd