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The prices at historical and heritage sites like the ruins of Sukhothai and Ayuthaya in Thailand are different for tourists and for residents of Thailand.
a) Who do you think pays more, tourists or residents of Thailand? Why?
b) Is this policy consistent with maximizing the revenue and profits from these sites? Explain why.
How much profit will the airline earn if it sets the price of each ticket at $600? Why?
The Governor of Arkansas has asked you (her crack economic advisor) to analyze how employment in trucking and poultry processing will be affected if deregulation lowers labor cost in both industries by ten percent. The product demand for poultry is l..
Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently $1 per poster. She has fixed costs of $100. Her variable costs are $1,000 for the first thousand posters, $800 for the se..
What would happen to the size of the cattle population if Americans decided to eat substantially less beef? Explain the logic underlying your answer. Does private ownership entitle the owners to do anything they want with their property? Why or why n..
Consider an individual whose utility function is U = X0.5Y0.5. If the individual consumes 1 unit of X and 4 units of Y, then she will experience some level of utility. If the individual instead consumes 2 units of Y, how much of good X must she consu..
"Why India Cannot Sustain High Economic Growth", by Kunal KumarKundu
A publisher with a geographic monopoly faces the following demand schedule for the next novel from one of its authors: the author is paid $2,000,000 to write the book, and the marginal cost of publishing the book is a constant $10 per book. Compute t..
A noted economist recently stated, “This last recession, that ended in November 2010, had lasted 32 months, which is almost 4 times longer than the average recession (which is 9 months), and had the highest unemployment rate (10.6%) we have seen in t..
You deposit $1000 now and you want the account to have a value as close to $8870 as possible in year 20. Assume the account earns interest at 10% per year. The year in which you must make another deposit of $1000 is?
Support your opinion with a relevant example or reinforce your position(s) with applicable reference cite.
You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but you can't distinguish among them: What is the expected value of five employees you hire?
The 4th Amendment protection against unreasonable search and seizure has been jealously guarded for over 200 years. Consequently, all Americans are entitled to a reasonable expectation of privacy. How would you describe this standard, this so-call..
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