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Demand for football tickets at a state university is Qd x = 80, 000−12, 000p. The capacity of the stadium at that university is 50,000 seats (In other words, Qs x = 50, 000). a. Find the marginal revenue curve that corresponds to the demand curve. b. Find the price where quantity demanded equals quantity supplied. 1 c. Solve for the revenue-maximizing quantity (hint: use the marginal revenue curve). What is the price associated with this quantity? Solve for the own-price elasticity of demand at the revenue-maximizing price. d. What is the intuition behind this pricing strategy?
Builders of a hybrid car declared it would build a car that would get 180 miles per gallon of unleaded gas. They figured it would cost $40,000 each car to build.
Purchasing power parity and the law of one price are two related concepts. Explain what is meant by the law of one price. Also explain why a person or nation could profit if this law does not hold. Offer three reasons why the law of one price might n..
Assume a US saver with $1,000 to place in a domestic or European bank CD. The interest rate for US and European savings equals 4%. If the saver keeps her money in the US, her return equals ____. If the saver moves her money to Europe with a forward t..
A sample of 16 ATM transactions shows a mean transaction time of 67 seconds with a sample standard deviation of 12 seconds. When testing whether the mean transaction time is different from 60 seconds at the 0.05 significance level, choose the best co..
Suppose you have 10 individuals with values {$1, $2, $3, $4, $5, $6, $7, $8, $9, $10}. Your marginal cost of production is $2.50. What is the profit-maximizing price?
Four separate cases involving similar fact situations were consolidated as they presented the same constitutional question. In each case, police officers, detectives, or prosecuting attorney's took a defendant into custody and interrogated him in a p..
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the fir..
In the article on China holding $3 trillion in dollars, for every dollar it holds in reserves, it prints
He decides to assign his grades for his current course such that top 15% of students receive an A. What is lowest average a student can receive to earn an A.
Suppose an individual’s inverse demand for fish caught by a commercial fishery is estimated to be P = 10 – 0.4Q, where P is the price of fish (per pound) and Q is the quantity of pounds demanded.
Under monopoly, still with the price PW which is again label triangle of consumer surplus and the triangle of producer surplus.
Consider a 2 player stag hunt in which a Stag is worth 6 jollies to each player and a Hare is worth 1 jolly to any player catching one. What is the mixed strategy Nash equilibrium in this game?
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