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In 1981, a Boston-based gas station owner set the highest gasoline prices in the nation. During that summer, he charged $1.69 per gallon for unleaded gas during the daytime and $2.59 per gallon at night, when other downtown gas stations were closed. (His all-time high price was $3.99.) Even at these extreme prices, however, the station owner sold an average of 3,000 gallons per week, half of this at night. Despite catcalls, pickets, and even vandalism from angry motorists during the gasoline crisis, the owner "stuck by his pumps"; he even charged $1 for air. As he put it, "People think of gas stations as public mammary glands, but they're wrong. This is a business and it's important to generate profits from every part of it. If I can use a resource, like air, to pay for the electric bill, so much the better. If you allow capitalism in its true form, it works beautifully."
· Would you identify his actions as price gauging or was the station owner an avowed profit maximizer?· How did he profit by his dual-price policy?· Why his competitors did not participate in such action?
ACME Corporation consists of 250 grocery stores throughout the Midwest. At the starting of 2008 its statement of net worth showed the following data,
Government imposes excise taxes on goods which have inelastic demand, such a cigarettes.
Analyzing many indicators of the macroeconomic situations in an economy, which includes interest rate, income, CPI, inventory levels, wage, consumer confidence and unemployment.
Assume that businesses purchase a total of $100 billion of the 4-resources from households. If households receive $60 billion in wages, $10 billion in rent, and $20 billion in interest,
Suppose a consumer has $150 to spend on food and clothing. Food costs $4 per unit and clothing costs $5 per unit. The consumer's utility function is U(c,f) = f^2c. a. Give an equation for the consumer's budget line. b. Give a formula for the consum..
The Microsoft trial has been one of the most investigations of antitrust behavior since the turn of the century.
Despite being a major industrial force in Korea, several of the company's divisions are unprofitable, or "bleeding red ink" in the words of the article. Indeed, last year the power plant and oil refineries building division recorded a $105 million..
Find out the utility with full insurance for the treatment also how much would the individual be willing to pay to obtain such insurance than the fair premium.
Consider two economies, one with a relatively flat aggregate supply curve and one with a relatively steep aggregate supply curve. In which economy will the governement have more succes in raising GDP by increasing its spending? What factors do you..
Think the market for new, single family house in Miami. The general demand function for new housing in Miami is anticipated to be Qd =15 - 2P + 0.05M + 0.10R,
A rise in average variable price always increases the degree of operating leverage for firms making a positive net profit.
Howard Bowen is a big cotton farmer. The land and equipment he has a current market value of $4,000,000. Bowen owes his local bank $3,000,000.
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