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Suppose you run a cruise ship and that the estimated demand for your rooms on the ship is Q_d=1000-4P whereQd? and P represent the quantity demanded and price of a room on the ship per night, respectively. This implies that marginal revenue is given bydMR=250-21?Qd?. Suppose further that the cost you incur from having someone stay in a room is $50 per room, per night.
1)If maximum capacity on the cruise ship is 500, then the profit maximizing price is $? per night?
2)If instead, maximum capacity on the cruise ship is 300, then the profit maximizing price is $?
3)More generally, for products like cruise ships, parking lots, hotels, etc., costs of building capacity are mostly fixed or sunk and firms in these industries typically face capacity constraints. Therefore it is?
If shoes and socks are complements and both are normal goods, show graphically what would happen to the consumption of shoes and socks if the price of shoes decreased. consumer incomes increased. Use the graph to visualize the changes.
Build a spreadsheet (see Appendix A) to calculate the total trip cost for gas costs of $2, $3, $4, and $5 and values of time of $6, $9, $12, $15
What is the probability that all of the students have the same birthday?
q. in recent years many plants have closed forcing thousands of employees out of their jobs as well as into new ones.
Initial greeting of thanks to your supervisor for being collaborative and supportive. General overview of how the project is proceeding. Operational successes. Description of a new festival activity. Description of challenges and problems confronting..
Do you consider economic aspect as one of the factors for community development? How?
KING Airlines has determined that the price elasticity of demand for two customer segments (Business Class and Coach) is -1.50 and -1.75. Based on their expectations of profitability, KING realizes the price of a Coach Seat should be $155 (one way). ..
Suppose the supply curve is Q=2P. Suppose there is no sunk cost. what is the producer surplus if 10 units of the good are sold at price P=5. graph the supply curve, P=5, and the area of the producer surplus
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How can we describe Japan's balance of payments? Explain
A borrower can obtain an 80 percent loan at a 4.25% rate with monthly payments amortized over 30 years. Alternatively, he could obtain a 90 percent loan at a 5.75% rate with the same loan term but one point is charged on the 90% loan. The borrower pl..
Changes in the quantity of money lead to real changes in the economy. If this is the case, why would the central bank ever stop increasing the money supply?
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