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A New Hampshire resort offers year-round activities: in winter, skiing and other cold-weather activities; in the summer, golf, tennis, and hiking. The resort's operating costs are essentially the same in winter and summer. Management charges higher nightly rates in the winter, when its average occupancy rate is 75 percent, than in the summer, when its occupancy rate is 85 percent. Can this policy be consistent with profit maximization? Explain.
it seems most everything we buy these days has the label made in china. china has become the second largest world
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Most spells of unemployment are short, and most unemployment observed at any given time is long term. How can this be?
explain the difference between a movement along a demand curve predicted by the law of demand and a shift of the whole
In a competitive market, the market demand is Qd = 400 - 5P and the market supply is Qs = 10P - 80. A price ceiling of $32 will result in a. a shortage of 80 units b. a shortage of 44 units
why dont economists use the same cost data as accountant use? why are costs important in economics? how do firms
What is the relationship of the cost of producing output and the money receipts of businesses when there are only consumer expenditures? What should happen to the level of output?
define the different types of unemployment. explain which type of unemployment is most directly related to the economic
Suppose that the market for primary care physicians (PCPs) has monopsony power. The supply of PCPs is Ls= -500+2W, which can be rewritten as W=0.5Ls +250. The marginal cost of PCPs equals MC=Ls +250 and the (inverse) demand for PCPs is : W=(1000/3)-1..
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1 a. A restaurant has three types of customers. A third of its customers, Type A, are willing to spend $5 on an appetizer but only $2 on a dessert. Another third, Type B, are willing to spend $3.50 on an appetizer and $3.50 on a dessert. The remainin..
The price elasticity of supply of apples is 2.5. A drop in the price for oranges reduced the demand for apples by 10 percent. We should expect the price of apples to drop by how much?
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