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The market for baseball tickets at your college stadium, which seats 2,000, is the following:
a. What is the equilibrium price?
b. What is unusual about the supply curve?
c. At what prices would a shortage occur?
d. At what prices would a surplus occur?
e. Suppose that the addition of new students (all big baseball fans) next year will add 1,000 to the quantity demanded at each price. What will this increase do to next year's demand curve? What is the new equilibrium price?
a. Set up the constrained maximization problem and derive the first-order conditions. b. Derive the consumer's demand for X and Y in terms of parameters. c. Derive the own-prices of elasticiites of demand. Do the demands obey the law of demand
What variables would you consider in developing such a model? See if your modelmatches the one developed by the Nobel laureate economist Gary Becker.
How much consumer surplus do consumers receive when Px = $45? c. How much consumer surplus do consumers receive when Px = $30? The demand curve for product X is given by QXd = 360 - 2PX.
In a certain college, 55% of the students are women. Suppose we take a sample of two students.
Wage rigidity: Consider an economy with the following Cobb- Douglas production function: Y=K^(1/3)L^(2/3)The economy has 1,000 units of capital and a labor force of 1,000 workers. a. Derive the equation describing labor demand in this economy as a fu..
A certain area has 7500 workers who are willing to work at any salary. The area has two places of employment, A and B. At A, the value of the marginal production of the workers is w = 1800-0.1L At B, it is w = 1800-0.2L
Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950's. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950's.
Draw the demand curve and the supply curve for Maine lobsters. What are the equilibrium price and quantity of lobsters?
Atari needs $4.5 million in new investment capital to develop and market downloadable games software for its new GPS2-ZX system. The plan is to sell $10,000 face-value corporate bonds at a discount of $9000 now.
A composite beam is made by attaching the timber and steel portions shown with bolts of 12-mm diameter spaced longitudinally every 200 mm. The modulus of elasticity is 10 GPa for the wood and 200 GPa for the steel.
Does this information provide compelling evidence that the February 1 daily high temperatures in Juneau, Alaska, follow a normal distribution? Explain.
Determine the economic impact on the client's financial situation. Based on your decision, determine the potential tax liability, keeping in mind appropriate IRS code and regulations.
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