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It's late at night and you have just arrived in an unfamiliar town. There is a strip of dozens of motels, but none of them have posted prices outside. They're all chain motels, and you're pretty sure that they all have the same kind of rooms. You've stayed in motels a lot, so you feel pretty sure that each one has a 50% chance of asking around $100 a night, and a 50% chance of asking $80 a night. In order to find out how much each one charges, you need to park your car, get out, ring the bell, wait for the attendant, and have them quote you a price. This process takes 10 minutes and you're really tired: you know that you won't ask at more than two motels. You go to the first motel and ask about the price. The attendant quotes you $100. Suppose you rate the opportunity cost of getting back in your car and sampling another price at $5. Assuming you're risk-neutral, what should you do? A. Sample another price. B. Stay at this motel.
Regression analysis was used to estimate the given seasonal forecasting equation, D1 is a variable that is equal to one in 1st quarter and zero otherwise;
However, when the commissioner granted the 10 percent increase, revenues increased by only about 5 percent. What can you infer about the elasticity of demand for taxicab rides. What were taxicab drivers assuming about the elasticity of demand.
Fixed Assets Property, plant, and equipment $2,200 $1,870 $1,814 $1,422 $1,400 Less: Accumulated depreciation $400 $200 $180 $80 $75 Net property, plant, and equipment $1,800 $1,670 $1,634 $1,342 $1,325 Intangible assets $300 $240 $220 $210 $205
You have worked as a real estate agent for 10 years and are earning about $100,000 per year with your current agency. You prepared the following information to use in evaluating the financial feasibility of starting your own agency.
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a y..
Ymir Larson farms near Niffleheim, Minnesota. He works 80 hours a week. He can either grow rutabagas or raise pigs. Every hour that he spends growing rutabagas gives him $2 of income this year. Every hour that he spends raising pigs this year will..
Corporations often distribute profits to their shareholders in the form of dividends, which are simply checks mailed out to shareholders. Suppose that you have the chance to buy a share in a fashion company called Rogue Designs for $35.
A monopolist faces a demand curve given by: P = 220 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of production.
Any change in the economy's total expenditures would be expected to translate into a change in GDP that was larger than the initial change in spending. This phenomenon is known as the multiplier effect. Explain how the multiplier effect works.
A firm recieves a shipment of 100 personal computers for use by its staff. Of these 100 computers, five are defective and not usable without repair. In a particular office, there are five employees. What is the probability that each of these five e..
Your loser roommate sits on the couch all day eating pizza and drinking beer. He doesn't have a job, and doesn't consume anything but pizza and beer. Every month, his parents mail him $300 and based on the receipts he leaves lying on the floor.
a. Calculate net exports. b. Use the expenditure approach to calculate GDP. c. Use the income approach to calculate GDP. d. Calculate net domestic product (at factor cost). e. Calculate net domestic income (at market price..
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