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An economist gives the following advice to a museum director: “You should introduce “peak pricing”. At times when the museum has few visitors, you should admit visitors for free. And at times when the museum has many visitors, you should charge a higher admission fee.”
When the museum is quiet, is it rival or non-rival in consumption? Is it excludable or non-excludable? What type of good – public or private - is the museum at those times? What would be the efficient price to charge visitors, and why? (I.e., should the price = $0, or should it be >$0?)
When the museum is busy, is it rival or non-rival in consumption? Is it excludable or non-excludable? What type of good is the museum at those times? What would be the efficient price to charge visitors, and why?
Mega Corporation and BIG Enterprises are sugar producers in Brazil. The two companies decide to merge and become one new company called Mega-Big Corporation. If they complete their merger the new firm would control more than 80% of the market share i..
Principles of Economics: Supply and Demand Curves. It is important that you are able to apply demand and supply analysis to events that you experience or read about in your life.
If it decrease the percentage of its output devoted to capital goods, then its rate of growth will tend to increase. Its production-possibilities curve will shift to the left or its rate of growth will tend to decline.
Illustrate the effect of each of these proposed policies in a demand and supply diagram of the gun market. For each question, show the price paid by consumers, th eprice received by producers an dthe quantity of guns sold.
Suppose the hotel in the lecture example raised its price from $30 to $30.50. With the new price, the hotel expects 96 guests to arrive 5% of the time, 97 guests 10% of the time, 98 guests 20% of the time, 99 guests 30% of the time, 100 guests 25% of..
Suppose government now impose a tax, , on every unit of cheese produced. Graphically illustrate market after tax. Label tax revenues collected. Who bears more of burden.
How to do Empirical Investigation part of my project. my project as on Volkswagen company and this stage is the last stage. while in this stage my professors want to do empirical study which should include the following things. Planned research metho..
Consider the following game: There are 3 players. Each player decides whether to work on a common project or not. The project is successful only if 2 or more players work on it. When the project is successful, each player who works on the project obt..
Elucidate how scarcity of resources influences this market and describe the choices stakeholders are forced to make.
q.would you mind assisting with these few questions as well since you did an awesome job the first time?1. duracell ltd
Illustrate what would be a reasonable breakdown between private sector vs. public sector spending for an increment of $1. Are we talking $0.8 from private and $0.2 from public or would you suggest a bigger swing either way.
Suppose there is a temporary but significant increase in oil prices in an economy with an upward-sloping Short-Run Aggregate Supply (SRAS) curve. If policymakers wish to prevent the equilibrium price level from changing in response to the oil price i..
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