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Suppose you belong to a tennis club that has a monthly fee of $100 and a charge of $5 per hour to play tennis.
a. Using Figure 1A.4on page 18as a model, prepare a table and draw a curve to show the relationship between the hours of tennis (on the horizontal axis) and the monthly club bill (on the vertical axis). Forthe table and graph, use 5, 10, 15, and 20 hours of tennis.
b. The slope of the curve is per .
c. Suppose you start with 10 hours of tennis and then decide to increase your tennis time by 3 hours. On your curve, show the initial point and the new point. By how much will your monthly bill increase?
d. Suppose you start with 10 hours and then decide to spend an additional $30 on tennis. On your curve, show the initial point and the new point. How many additional hours can you get?
You are about to purchase your first home for personal use. The price of the house is $400K. The property taxes and casualty insurance are estimated at $200 and $100 per month respectively; these two costs are placed each month into your escrow. Y..
General creal is using a regression model to estimate the demand for Tweetie Sweeties, a whistle-shape, sugar-coated breakfast cereal for children The following(multiplicative exponential) demand function is being used. Qp=6,280P-2.15A 1.05N3.70.
find the price that will induce consumers to buy that quantity.
Explain how each of the following is a form of price discrimination:a. a student discount at the movie theater b. long-distance phone service that costs 15 cents per minute for the first 10 minutes and 5 cents per minute after 10 minutesc.
Draw the Keynesian Cross diagram of this economy. Carefully label intercept and slope of the aggregate demand curve. What is the multiplier for credit-nanced government spending? That is what is the effect of an increase in G while T remain unchang..
c.In order to enhance total revenue from selling oranges, would you recommend a decrease in price of oranges Why d. Calculate price elasticity of revenue; e.What would be the effect of a 3% increase in price of oranges on total revenue
The local government has given a monopoly franchise to a cable company. The graph also shows the marginal revenue (MR) curve, the marginal cost (MC) curve, and the average total cost (ATC) curve for cable TV services.
Michael Illitch bought the Detroit Tigers in 1992 for $82 million, which amounted to $114.15 million in 2005 dollars. By 2005, the Tigers were worth $292 million. Calculate the real compound annual rate of return on that investment.
In an equation for annual data, suppose that: unempt = 2.7 - .68 inft - .25 inft-1 + .33 inft-2 + ut, where unempt is an unemployment rate at time t and inft is the inflation rate. What are the impact and long-run propensities
Sleak Teak builds yard furniture using domestic hardwoods and (in a smaller shop) knick-knacks from the same sort of wood. Although hard woods were readily available in the past, recently they have become harder to botain.
Jill earns more than Bob and she came by her income fairly and honestly. Which of the following political philosophies would argue against the redistribution of income from Jill to Bob?
Industry structure is often measured by computing the Four Firm Concentration Ratio. Assume you have an industry with 20 companies and the CR IS 30 percent.
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