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To promote her platinum-selling CD Feels Like Home in 2005, singer Norah Jones toured the country for live performances. However, she sold an average of only two-thirds of the tickets available for each show, (Robert Levine, "The Trick of Making a Hot Ticket Pay," New York Times, June 6, 2005, C1, C4).
a. Suppose that the local promoter is the monopoly provider of each concert. Each concert hall has a fixed number of seats. Assume that the promoter's cost is independent of the number of people who attend the concert (Ms. Jones received a guaranteed payment). Graph the promoter's marginal cost curve for the concert hall, where the number of tickets sold is on the horizontal axis (be sure to show )
b. If the monopoly can charge a single market price, does the concert's failure to sell out prove that the monopoly set too high a price? Explain.
c. Would your answer in part b be the same if the monopoly can perfectly price discriminate? Use a graph to explain.
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix..
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Assume the Following IS-LM Model E Expenditure sector Sp = C + I + G + NX C = 110 + (2/3)YD Calculate the equilibrium values of private domestic investment (I), tax revenues (TA), and real money demand (md). How much of private domestic investment (I..
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