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Suppose the demand for crossing the Chargem Bridge is given by ???? = 10,000-1000????, where P is in $/car and Q is the number of cars per day.
a. If the toll (P) is $2/car, how much revenue is collected daily?
b. What is the price-elasticity of demand at this point?
c. Could the bridge authorities increase their revenues by changing their price?
You are the manager of a local sporting goods store and recently purchased a shipment of 60 sets of skis and ski bindings at a total cost of $25,000 (your wholesale supplier would not let you purchase the skis and bindings separately, nor would it le..
A researcher estimated that the price elasticity of demand for automobiles in the United States is -1.2, while the income elasticity of demand is 3.0. Next year, U.S. if sales of domestically produced automobiles do expect U.S auto makers to sell nex..
a university spent 1.8 million to install solar panels atop a parking garage. these panels will have a capacity of
What is quantity traded? What price do buyers pay? What price do suppliers receive? Find consumer surplus, producer surplus, deadweight loss, and tax revenue.
The salvage value of either alternative is negligible at any time. If MARR is 10% per year, what present expenditure for the auxiliary equipment can plan you justify spending? Assume that you need the heating system infinitely.
Which of the following is critical for a firm adopting a long-term cost-reduction strategy?
A public water utility is comparing two separate pricing schemes: (i) a two-tiered pricing scheme where the first 5,000 gallons cost $20 and all subsequent gallons cost $10 or (ii) a single price of $15 per gallon. Under scheme (i), how much water is..
Suppose the demand curve for a monopolist is QD = 500 − P, and the marginal revenue function is MR = 500 − 2Q. The monopolist has a constant marginal and average total cost of $50 per unit. Find the monopolist’s profit-maximizing output and price. Ca..
In national income accounting, an investment is regarded as. Conclude the probability that the annual net cash flows will be negative.
Explain briefly the various parts of the circular flow diagram representing the interactions between households and firms in a simple economy.
A small consulting engineering company bought an office building for $900,000. The company has eight engineers and eight support staff. Monthly expenses for for salaries, utilities, grounds maintenance, etc., are $110,000. Use an average billing rate..
Suppose you earn an hourly wage of w and that you are self-employed (thus, you pay both the employee and employer parts of the Social Security payroll tax). Ignore all other taxes. Suppose also that if you worked your full time endowment T, you would..
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