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Question: You are the manager of Fun World, a small amusement park. The accompanying diagram shows the demand curve of a typical customer at Fun World.
a. Suppose that the price of each ride is $5. At that price, how much consumer surplus does an individual consumer get? (Recall that the area of a right triangle is ½ × the height of the triangle × the base of the triangle.)
b. Suppose that Fun World considers charging an admission fee, even though it maintains the price of each ride at $5. What is the maximum admission fee it could charge? (Assume that all potential customers have enough money to pay the fee.)
c. Suppose that Fun World lowered the price of each ride to zero. How much consumer surplus does an individual consumer get? What is the maximum admission fee Fun World could charge?
Consider two interconnected tanks as shown in the figure above. Tank 1 initial contains 60 L (liters) of water and 125 g of salt, while tank 2 initially contains 60 L of water and 280 g of salt. How does the water in each tank change over time?
Peter Minn is planning to go to the Department of Motor Vehicles to have his driver's license renewed. His friend, Patricia, who is accompanying him.
A pure monopolist produces two commodities regulated by the public utilities commission, which imposes a ceiling on the price of one commodity.
Your optimal solution should indicate that no amount of feed f2 should be pur- chased and fed to the farmer's cows. By how much should feed f2's current price of $0.50 per pound decrease in order for the optimal solution to change?
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A manufacturer of oak barrels has factories in an area at the location coordinates provided in the following table. Each coordinate unit represents approximately 10 miles. The yearly demand at each factory is also given.
1. Describe the typical organization of both a smaller, community oriented bank and a large, money-center bank? What does each major division or administrative unit within the banking organization do?
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A company sells 4 products and the sales revenue (in £m.) from each product sold through the company's three retail outlets in a year are given in the matrix.
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