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The following equation represents the weekly demand that a local theater faces. Qd = 2000 - 25 P + 2 A, where P represents price and A is the number of weekly advertisements. Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero, a. Determine the profit maximizing ticket price for the theater. b. What is the price elasticity of its demand at this price? c. What is the elasticity of its demand with respect to advertising? d. Now suppose the theater increases the number of its ads to 250. Should the theater increase its price following this ad campaign? Explain.
Assume that you are an advisor to the United States section of Justice, the agency with responsibilities that include, among others, the power to approve or disapprove proposed business mergers in the U.S.
assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision
You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. You will evaluate the differences between market structures and identify a group of competitive stra..
which of the following lists includes only capital resources and therefore no labor or land
Say half of the cost of producing wheat is rental cost of land (a fixed cost) and half is cost of labor and machines (a variable cost). If the average total cost of producing wheat is $8 and price of wheat is $6, what would advise the farmer to do..
Assuming the revenue from a congestion tax is not redistributed to city residents, what effect would a congestion tax have on the residential bid rent curve? If the government reduced other taxes after instituting a congestion tax, how would the resu..
Suppose a firm is producing 1,000 units of output. Its average fixed costs are $100. Its average variable costs are $50. What is the total cost of producing 1,000 units of output?
the real exchange rate is the nominal exchange rate, defined as foreign currency per dollar, times 1. US prices minus foreign prices 2.prices in the US divided by foreign prices 3.foreign prices divided by US prices 4.none of the above
Which of the following statements about the financial and real sectors is true? If the financial sector causes more to flow into spending than is saved, most likely: Flows that do not enter the spending stream enter the financial sector in the form o..
A solar sea power plant (SSPP) is being considered in a North American location known for its high temperature ocean surface and its much lower ocean temperature 100 meters below the surface. Power can be produced based on this temperature differenti..
Discuss the optimal method for procuring a modest number of standardized inputs that are sold by many firms in the marketplace. What are the primary advantages and disadvantages of using this method to acquire inputs.
Give a hypothetical/real world example of the MR=MC principle (Profit maximizing point). Explain what elements in example represents decreasing marginal revenue/benefit and what element represents increasing marginal cost.
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