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A small fitness center that offers only personal training services has the following demand and cost parameters: Demand: The fitness center has found that it has some discretion in pricing¬¬—that is, it can raise price marginally without drastic reductions in volume. Based on statistical estimates of demand and assuming that external factors stay constant (e.g., price of competitors' services, income levels, etc.), the following relationship exists between the hourly rate for a personal training session (P) and the number of sessions demanded per day (Q): P = 140 – Q. Costs: The fitness center finds that its variable costs (e.g., labor) increase at a constant rate of $40 with each additional training session provided per day. Fixed costs such as rent are equal to $200 per day. This yields the following total variable cost (TVC) and total fixed cost (TFC) equations: TVC = 40Q. TFC = 200.
Suppose an ASU student sampled 50 students to estimate the proportion of students that favor Billy Big time for Student Body President. The student calculated a sample proportion of .38 and a 95% confidence level that had a margin of error of .02. Wh..
Mr Jones run a motel in St Pete. The market is highly competitive since there are many motels in the area and average room rate per night is $35. There are 30 rooms in Mr Jones motel and each room can be rented out for 30 nights a month. Since Margin..
If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits. When economic profit is positive,
In the summer of 1972, due to extensive crop failure in the (former) Soviet Union, Russia spent over $1 billion to purchase American wheat. Since the American crop had been completely harvested when the Russian deal was made, American farmers were un..
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits
For example, the purpose is to identify four ethical principles from a set of ten and then provide a detailed discussion of each based on my experiences (job/college related)-Offer a critical analysis.
If the (profit-maximizing) level of output that a monopolist produces is such that marginal revenue, marginal cost, and average total cost are equal at that level of output, then economic profits must be: a) negative B) positive C) zero D) indetermin..
q.while the primary focus of the final project should be on your firms worldwide operations integrate information on
Ang Electronics, Inc., has developed a new DVDR. If the DVDR is successful, the present value of the payoff (when the product is brought to market) is $34.7 million. If the DVDR fails, the present value of the payoff is $12.7 million. If the product ..
Suppose the Federal Reserve is considering the applications of four different banks to merge with other banks. Given the level of the new HHI and the change in the HHI shown below, in which case could the Fed challenge the merger?
illustrate what dollar amount will the profit margin.
Brazil is the world's largest coffee producer. There was a severe drought in Brazil in 2013-2014 that damaged Brazil's coffee crop. The price of coffee beans doubled during the first three months of 2014. Draw and discuss a supply and demand diagram ..
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