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You just bought a bagel shop. A market study shows your customers are willing to pay for a bagel into 9 equal-sized groups: ($3.00, $2.75, $2.50, $2.25, $2.00, $1.75, $1.50, $1.25, $1.00). [This means that one group of customers is willing to pay a maximum of $3.00 for a bagel, another equal-sized group is willing to pay a maximum of $2.75, a third equal-sized group will pay a maximum of $2.50, and so on.] Each group has 100 customers so there is maximum potential for 900 customers. All of your costs are fixed except labor and materials, which cost $1.10 per donut/coffee combo.
a. What price should you charge for a donut/coffee combo?
b. Suppose your market research tells you that the four customer groups with the lowest willingness to pay are all students. Should you offer a student discount? If so, how much?
You enroll in a thrift plan in which you are allowed to contribute 8% of your pretax salary per year. The company contributes an additional 6%. Your starting salary is $62,500 and you can expect annual increases of 3.5%.
the quantity of labor demanded and supplied respectively, in millions of workers, and W is the hourly wage rate. (a) Suppose the labor market adjusts to competitive equilibrium. What is total employment (L) and the competitive wage (W)
A monopolist has two types of customers. There are 100 of type A, who will each pay up to $10 for a single unit of goods, and 50 of type B, who will each pay up to $8. Neither is willing to purchase additional units at any price. If it must charge..
The New York Taxi Cab Company has just purchased a new fleet of models for the year 2000. Each brand-new cab cost $20,000. From past experience, the company estimates after-tax cash returns for each cab as: An = $65,800 - 30,250(1 + 0.15)^(n-1)
Year Nominal GDP (in billions) GDP Deflator data (base year 2005) 2009 $14,256 109.8 1999 $9,353 86.8 What was real GDP in 1999 measured in 2005 prices? Round your answer to the nearest cent. What was the growth rate of real GDP from 1999 to 2009? R..
a) Use exponential smoothing with a smoothing constant of .6 to produce forecasts from the data. Use 2500 as your forecast of demand for week 2. b) Use exponential smoothing with a smoothing constant of .3 to produce forecasts from the data. Use ..
Chell's demand function is P(ch) = 5-q(ch). Gordon's demand function is P(g)= 3-q(g). Draw the aggregate demand curve. What is the consumer surplus with the price is $2?
The income tax system in a country requires each citizen to pay 10% of income on earnings up to $40,000, and then pay 20% on any earnings over $40,000. If an individual has an income of $69971, then what is his marginal tax rate, in percentage te..
You shop for groceries in 2007 and buy $300 of food. Two years later, in 2009, you buy an identical "market basket" of groceries, only this time it cost $318. What is the CPI relative to 2007 as the base year
During a year of operation, a firm collects $175,000 in revenue and spends $80,000 on raw materials, labor expenses, utilities and rent. The owners of the firm have provided $500,000 of their own money to the firm (and view that money as a loan to..
Consider the following information below for Pat's Pizza Restaurant and answer the questions below: Marginal Product of Capital: 4,000 Marginal Produce of Labor: 100 Wage Rate: $10 Rental Price of Pizza Ovens: $500 a) Is the owner of Pat's Pizza Rest..
Suppose Mary earns $13 an hour installing transistorized digital chips in electronic calculators. If you were unemployed, would you offer to work for $8 an hour to get the job Why might a profit-maximizing employer turn down your generous offer
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