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The Portland Sea Dogs, the AA affliate of the Boston Red Sox major league baseball team, have enjoyed a surge in popularity. During a recent home stand, suppose the club offered $5 of the $12 regular price of reserved seats, and sales spurted from 3200 to 5200 tickets per game.A. Derive the funcion that describes the price-output relation with price expressed as a function of quantity (tickets sold). Also express tickets sold as a function of price.B. Use the information derived in part A to calculate total revenues at prices in $1 increments from $5 to $15 per ticket. What is the revenue-maximizing ticket price? If variable costs are negligible, is this amount also the profit-maximizing ticket price?
The demand curve for product X is given by Qxd = 5000 - 5Px - .1Pz where Pz = 50 a. What is the own price elasticity of demand when Px = $100? Is demand elastic or inelastic at this price What would happen to the firm's (total) revenue if it decid..
the balnce sheet of a bank. the reserve requirment is 3% on the first 30 million of transactions deposits and 10% on transactions deposits in excess of 30 million. the bak holds no required clearinf balances. Bank balance sheet(amount in millions)
assuming product price is $32. With $32 in place of $56, its costs us $52.50 and we sell it for $30. This does not produce in the short run. The loss-minimizing outcome would be a loss of $22.50. The economic loss would be if you take the loss of ..
The company's computer system uses fluid structure interaction modeling to test and analyze each airbag design concept. What is the present worth of the concept at 16% per year, compounded quarterly, if the quarterly cost in years 1 through 5 is $..
Consider the following model of a closed economy in which household income taxes are proportional to income: Yd = C + I + G C = 200 + 0.80(Y-T) Y=Yd I=600 T= 0.20 Y G = 1000 a. What is "autonomous expenditure" for this economy
Calculate autonomous expenditute. b. Calculate the marginal propensity to consume. c. What is aggregate planned expenditure when real GDP is 200 billion pounds d. If real GDP is 200 billion pounds, what is happening to inventories
Assume that you have a normal distribution with mean =0 and variance =1. Assumee you control a likelihood test for mu =.07 and another likelihood test for mu =8.
Now assume that intermediaries come from a competitive market with an equilibrium price of $8 per unit for their services, that is, any buyer or sellerwho wants an intermediaries services must pay $8 for them.
Income Savings I(planned) Consumption 200 -20 60 400 0 60 600 20 60 800 40 60 1000 60 60 1. Fill in the last column. 2. The equilibrium level of income in this example is 3. According to this data, the marginal propensity to consume is .
An economy has the following cobb-douglas production function: Y=K1/3L2/3. The economy has 1000 units of capital and a labor force of 1000 workers. Congress cannot dictate how many workers firms hire at the mandated wage.
Suppose that the demand for gasoline is given as P = 3.6-0.002Q where P is the price of gasoline in $ per litre and Q is liters of gasoline per day. If you know that current price of gasoline is $1.3, what is the point price elasticity of demand a..
Five annual deposits in the amounts of ($1,200, $1,000, $800, $600, and $400) are made into a fund that pays interest at a rate of 9% compounded annually. Determine the amount in the fund immediately after the 5th deposit
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