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Owners of a Florida restaurant estimate that the elasticity of demand for meals is -1.5 for senior citizens and -1.33 for everyone else.
a. Given this information, how big (in percentage terms) should the senior citizen discount be?
b. Suppose that the restaurant owners discover that seniors tend to demand more attention from their waiters and send back more food as unsatisfactory, to the extent that the marginal cost of serving a senior is twice as high as serving an adult. Accounting for these costs, how large should the senior citizen discount be? (Hint: Refer back to the example in the text, but don't cancel out marginal costs!)
c. Were your results in part (b) surprising? Explain them, intuitively.
Suppose that an investor has a choice between buying this security or purchasing a different security that also costs $3,000 today but pays off $3,300 with certainty in one year. How is an investor's choice of which security to purchase related to..
If the Government wanted to stimulate this economy, raising National Income, or GDP by $25 Billion, what would be the amount of change required in Government Autonomous Expenditure AND explain briefly WHY this amount is equal to, greater than, or ..
You win the tournament if you win two games in a row, and you want to maximize the probability of winning. Show that it is optimal to play the weakest opponent second , and that the order of playing the other two opponents does not matter.
It is sometimes suggested that the most equitable way to resolve issues in international trade agreements would be for all countries to adopt the same emission standards. What are the pros and cons of this from an economic standpoint?
Explain what must be done when fully replicating a database but allowing only one computer to process updates.
Show graphically and calculate the terms of trade gain, the efficiency loss, and the total effect on welfare of the tariff.
a representative consumer with preferences over goods x1 and x2 given by U(x1,x2)=1/2 log X1+1/2 Log X2. assume the consumer has an exogenous income of M=100. suppose initial prices are p1=3 and p2=5 calculate the optimal consumption of both goods
An oil and gas investor is considering the acquisition of two fields. Both fields have the same production profiles:production starts in 2013 and averages 250 barrels of oil per day (bopd) during that year.
Don Ball is a 55-year-old engineer. According to mortality tables, a male at age 55 has an average life expectancy of 21 more years. Don has accumulated $48,500 toward his retirement. He is now adding $5000 per year to his retirement fund. The fun..
a. Find the IRR (Internal Rate of Return) on the incremental cash flow. For an MARR (Minimal Acceptable Rate of Return) of 15%, which one would you select b. Calculate the present worth on total investment for MARR = 12%(Minimal Acceptable Rate of ..
Compute the value of the F statistic for the hypothesis H0 : β1 = β2 = 0. How many degrees of freedom does this statistic have?
Joe Brown's dairy operates in a perfectly competitive marketplace. Joe's machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages paid to the few workers he employs at the dairy.
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