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In a cinema many seats remain empty, current prices are $10 per ticket, with 100 tickets sold per session. The manager decides to decrease prices to $8 per ticket increasing ticket sales to 150 tickets per session.
1. Calculate the price elasticity of demand using the midpoint method.
2. What type of good are movie tickets?
Why might he opt to carry designs only if he is more than, say, 50% confident of success?
ABC Inc. must purchase a welding machine. The following is known about the machine and about possible cash flows. p=.40 p=.30 p=.30 First cost $40,000 $40,000 $40,000 Annual savings 2,000 5,000 8,000 Annual costs 12,000 8,000 6,000 Actual salvage val..
Emmanuel has K100 to spend on Fanta and doughnut. Fanta and doughnut each cost K5 respectively. Assume Fanta=good Y and doughnut=good X.
In class we built the IS-LM model using graphical representations. Below see if you can derive the formation of the model algebraically: C = 0.5(Y –T) T = 2000 I = 3,000 – 250r G = 3,000 Md/P = 0.5Y – 500r Ms/= 2,000 P=2 (a) Write a formula for the I..
Which of the following will not shift the production possibilities curve outward?
Business has only one social responsibility-to make profits (as long as it stays within the legal and moral rules of the game establised by society). Few trends could so thoroughly undermine the very foundations of our society as the acceptance by..
The new requirements that (most) firms provide health insurance to workers can be thought of as increasing the costs of labor. What kinds of industries will be more likely to respond with large decreases in employment in response to these rules? How ..
Assume that the price of smartphones increased from $600 to $666 per unit. The manufacturer decides to supply 14,000 units instead of 10,000. Calculate the price elasticity of supply. Is supply elastic or inelastic?
Fractional relationships between variables are not permitted in the standard form of a linear program.A cycle is an up and down movement in demand that repeats itself in less than 1 year.
Alter Bridge Mfg., Inc., is currently operating at only 92 percent of fixed asset capacity. Current sales are $640,000. Fixed assets are $490,000 and sales are projected to grow to $730,000. How much in new fixed assets are required to support this g..
Calculate the price elasticity of demand for The Times between October 1993 and March 1994, and between October 1993 and January 1996.
A salesperson can put in regular effort (resulting in a 40% chance of sale) or high effort (60% chance of sale). If high effort costs the salesperson $20 more than regular effort, how large of a per-sale bonus is required to encourage high effort? Th..
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