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Knoebels Amusement park charges a lump-sum fee, L, to enter its Crystal Pool. It also charges p per trip down the slide on the pool's water slides. Suppose that 350 teenagers, each of whom has a q1=6-p, and that 350 seniors also visit, each of whom has a demand function of q2=5-p. Knolebel's objective is to set L and p so as to maximize its profit given that it has no (non-sunk) cost and must charge both groups the same price. What are the optimal L and p?
Please explain how to solve this problem in detail.
the floating exchange rate theory. the fixed exchange rate theory. the flexible exchange rate theory. purchasing power parity.
A large bank has increased its annual percentage rate (APR) on credit cards to 35%.?This move was necessary because of the "additional risks" faced by the bank in a weak economy. If monthly compounding is in effect, what is the effective annual inter..
Suppose that the Federal Reserve purchases $10 million in securities [T-bills] from First National Bank by increasing FNB’s account at the Fed. Would you answers change if rather than a purchase of securities, a customer deposited a check for $10 mil..
1. What is organizational behavior? Describe with real life examples.
It has been estimated that private prisons are about 10 percent cheaper, on a every prisoner basis, than public prisons.
Are clearly defined property rights the foundation of Capitalism? Would you prefer to live a Socialist society?
Economists generally believe, and teach their students, that competitive markets (in the sense that we use the term technically) are the best. Why is this the case and why are these markets considered to be superior to monopolies, provide an example ..
When the Fed adds new reserves to the system, some of these new reserves find their way out of the country into foreign banks or foreign investment funds. In addition, some portion of these new reserves ends up in people's pockets and mattresses inst..
The demand function for a firm’s product is Q = P^(-3). The firm’s marginal cost of production is constant at MC(Q) = 12. Calculate the elasticity of demand, as a function of Q. Does the firm’s profit maximization problem satisfy the global SOC?
A firm with a U-shaped average cost curve finds that its costs exceed its revenues when it sets price equal to marginal cost.
A demand curve passes through the point ?(0,600?) and has slope equal to minus-20.
Identify four different types of Regional Trade Agreements (RTAs). 2. Examine the European Union (EU) and its current state. Discuss how the EU is related to RTAs. 3. Discuss the benefits and negative aspects of using a common currency.
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