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The local space museum has hired you to assist in setting admission prices. As the manager, you recognize that there are two distinct demand curves for admission. One applies to people ages 15 to 64 whereas the other is for children and senior citizens. The two demand curves are: P1 = 9.6 - 0.08Q1 (for adults) and P2 = 4.5 - 0.05Q2 (for children and senior citizens). The corresponding marginal revenue curves are: MR 1 = 120 - 25P1 and MR2 = 90 - 40P2 Crowding is not a problem in the museum, so the marginal cost is zero. Find the profit maximizing prices; the number of adults and children & senior citizens visiting the museum.
The efficient level of a negative externality is always a positive amount. Briefly explain your answer
Calculate the consumer surplus that exists in market and calculate the producer surplus in this market. Does the producer surplus differ from firm profits? If so, why? If not, why not?
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
Explain what causes economies of scale and can economies of scale and diminishing marginal returns apply to the same firm? Explain.
What will be the scale effect of this change on use of capital and labor and why? How would this be shown on an isoquant diagram? ( a diagram isnt needed here either.)What will be the net or total effect of this decline in the cost of capital on th..
Using the AD-AS model, if consumers and business become more optimistic about the future direction of the economy and increase spending, then: aggregate demand will decrease, aggregate demand will increase.
Danny “Dimes” Donahue is a neighborhood’s 9-year old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $1.75 each, he sells 250. At a price of $1.25 each, he sells 300.
it is estimated that while world coffee prices hover around 50cent per pound production costs are around 80cent per
Presume a firm sells to senior citizens and others at a single price of $10. At this price it sells 10,000 units total (2,000 to seniors; 8,000 to others). It estimates that at the $10 price, seniors have an elasticity of -3 while others have an elas..
What is a product or service that Chevron offers? Create a graph representing the current market it. Use the current market price of one of their products for the Ep and Eq. Name all elements in the graph including, but not limiting to: supply, deman..
Which of these two approaches are preferable(explain them).State the crdinalist and ordinalist conditions for consumer equilibrium.
Two firms, A and B, are in a market that is declining in size. The game starts in period 0, and the firms can compete in periods 0, 1, 2, 3, · · · (i.e. indefinitely) if they so choose.
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