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You won a free ticket to see a Drake concert. The ticket normally sells for $90, but you cannot sell yours. Arcade Fire is performing on the same night and is your next-best alternative activity. (That is, if you do not go to the Drake concert, you will go to the Arcade Fire concert.) While the price of a ticket to the Arcade Fire is $80, on any given day, you would be willing to pay up to $130 to see Arcade Fire. Assume there are no other costs of seeing either performer.
Based on this information, what is the opportunity cost, in dollars, of seeing Drake?
Suppose that the supply curve for gold is very steep (positively sloped, but almost vertical). Would a $ T tax tend to have a relatively large or a relatively small effect upon the quantity exchanged in the market? Would there tend to be a relative..
Compute the firm's profit from part d. Solve algebraically for the profit maximizing quantity (QM) and price (P M). You should get the same answer as in d.
Which of the following statements are positive and which are normative?
Note that Tulip growing is a “perfectly” competitive industry, and all tulip growers have the same cost curves (or schedule) with the standard U shaped Average Total Cost curve. The market price of tulip is $15 a bunch, and each grower maximizes prof..
Utility is given by the function U(x,y) = (x + 2)^0.6y^0.4. Income is I and the prices of x and y are respectively Px and Py. Solve for the optimal quantities of x and y. Are corner solutions possible?
The hybrid model of a car averages 40 mpg as compared to the regular model that gives only 28 mpg. If you drive 20,000 miles per year and the average cost of gas is expected to be $5.00 per gallon over the 5 years that you plan to keep the car, how m..
Assume that the marketplace for engagement rings is in equilibrium.
To determine horizontal equity, two taxpayers with
Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $30 million per year and a variable cost of $5 per bag no matter how many bags are produced. If this firm kept on in..
Pfeitzer is a monopolist for a new drug that makes people feel thinner. The total cost function is C(Q) = 100 + 12Q + 2Q 2.
q1. the wall street journal once stated regarding fannie mae and freddie mac that their profit is privatized but their
Suppose an ad-valorem sales tax of v is levied on the producers. Find the effect of the ad-valorem tax on the equilibrium price.
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