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Aaron and Barry, living close to the entrance to the Yosemite National Park, sell the same kind of drinking water to tourists. Every day in the morning, Aaron carries some water to the park. Barry, observing how much water Aaron brings to the park, decides on how much water to sell himself. They have been selling water long enough to know that the price the tourists are willing to pay for the drinking water is determined by the quantity in this way: P = 40 – 2(QA + QB), where QA and QB are the quantities of water Aaron and Barry bring to the park, respectively. The drinking water is produced at zero cost. Both Aaron and Barry try to maximize their own profit. (a) Given any QA, how does Barry choose QB to maximize his profit? (b) Knowing the way Barry makes his decision, how does Aaron choose QA to maximize his profit? (c) Calculate the daily profit for Aaron and Barry.
What is the situation in the area of trade (use a dollar amount)? What do keakages equal (measured in dollars)?
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..
Suppose the government increases purchases in an economy with a recessionary gap. How would this policy affect bond prices, interest rates, investment, net exports, real GDP, and the price level? Show your results graphically.
Josh and Alex work as design engineers creating high-end lighting fixtures. After one particularly enlightened afternoon, they decide to follow their dreams and open a cupcake bakery. Please sort their various costs, listed below, into the correct ca..
Assume that you work for a nation-wide firm that has multiple store per state. When addressing major issues such as determining the factors that contribute to store profitability over time using company "big data" what is the preferred regression met..
If the interest rate on euro-denominated assets is 7 percent and it is 5 percent on dollar- denominated assets, and if the dollar is expected to appreciate at a 4 percent rate, for Francois the Frenchman what is the expected rate of return on dollar-..
Jaynet spends $25,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm – one offer was for $105,000 per year, and the other was for $85,000. What are her accounting profits? What are h..
You have made an important presentation to several Japanese executives regarding a proposed partnership between your American company and their Japanese firm. The Japanese executives were very silent during the presentation. Most people in the United..
Consider the markets for mobile and landline telephone service. Suppose that when the average income of residents of Plainville is $55,000 per year, the quantity demanded of landline telephone service is 12,500 and the quantity demanded of mobile ser..
Santiago is from Spain but lives in Texas. Ryan is from England but he lives in Arizona. A car dealer in Texas buys a new BMW from a BMW factory in Arizona for $51,567 and later sells the new BMW to the final buyer, who is Santiago for $75,120. Later..
Explain how many units of housing would the government have to increase the provider of housing in order to get the market equilibrium rental cost.
Suppose Audrey and Nicky are cousins with a destructive streak. Audrey is 1 year old and has a 10% chance of creating substantial damage in the next year, in which case the expected cost is $2000. Nicky is 2 years old and has a 5% chance of creating ..
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