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Assume you are the owner of a concert hall with 6,000 seats. The demand function for seat tickets is Q = 10,000 - 200P where Q is the quantity demanded and P is the price for a seat ticket. You are charging $30 per ticket and selling tickets to 4,000 consumers. Further assume that you incurred only fixed costs. What other pricing policy might you use to increase your profits besides optimal pricing policy. Could you increase profits through price discrimination? If so, what type of price discrimination should you use?
One of the central questions that society must answer regarding medical care is: What is the optimal mix of medical care expenses? Which of the following activities involve Mary playing a game of chance? Which of the following is an example of a game..
Discuss examples of externalities, including 1) an explanation of why or how they demonstrate the concept of externalities, and 2) public goods, again including an explanation of why or how they demonstrate the concept of public goods.
What happened to the Leontief paradox when human capital embodied in U.S. exports was accounted for as a separate factor of production? Does this help to explain why college graduates might favor international trade more than those with significantly..
Suppose two countries, A and B, with the same production function Y = K? L1?? . The value of ? is 0.30, the growth rate of population is 2% and the depreciation rate is 5%. Show that with price-taking firms the share of labor must be 1?.
(GAME THEORY) Consider two colonels A and B ruling two opposing armies. Each colonel has 120 soldiers in their armies and there are 6 battlefields. Suppose colonel A and B distributes their armies as follows; A : 20 20 20 20 20 20 B : 21 21 21 21 20 ..
Compare the costs and benefits of regulation. In your opinion, do the benefits outweigh the cost or do the costs outweigh the benefits? What are the advantages and disadvantages of deregulation?
Elasticity.....an important, powerful and, at times, challenging topic. Imagine this: you just won a contest and have been appointed the State Tax Commissioner (you might be asking: why did I enter? and is this a good thing to win?) Try to connect th..
A consumer has a budget of $250 to spend on electricity and food. The price of food is $1. Initially, the price of electricity is 10¢/KwH (kilowatt hour). However, in order to discourage excessive use of electricity and promote conservation, the Publ..
Willie will receive all his operating expenses, and in addition will receive $2,000 each year for the decline in value of the automobile.
A decrease in aggregate demand will cause
Is GDP a Good Measure of Economic Well-Being? If GDP is a good measure of well-being, why is Switzerland’s GDP so much lower than India’s GDP or China’s GDP? What measures would be better to compare the well-being of different countries? How do you e..
Find out the optimal price-quantity if the firm can price discriminate but cannot charge a two part tariff.
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