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You have 100 identical customers, each with relevant demand function Q = 20-P (where Q is the hours per week and P is the per hour fee). How much consumer surplus (per customer) is indicated by this demand function?
If you priced weekly membership consistent with the consumer surplus generated above, fixed costs=$1,000, and variable costs = $0, how much total profit per week?
The demand curve for a particular good indicates the various quantities
If economists wish to determine relative factor abundance across countries, why don’t they simply calculate w/r ratios across countries and then compare these ratios?
q.in a competitive market there are two groups of firms. in group a for each firm the long-run atc curve is u-shaped
Which of the following statements concerning the long-run average cost curve of economic theory is (are) not true?
A call option is currently selling for $5.4. It has a strike price of $80 and five months to maturity. What is the price of a put option with a $80 strike price and five months to maturity? The current stock price is $82.04, and the risk-free interes..
In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along a curve. Determine which curve is involved and the direction of the change.
Garden plots at the Aches and Pains Elderxare facility rent for $1 per square foot per month. Lucky has $100 per month to spend on her garden and bus with each bus ride costing $5. The good news is that Lucky's children will pay for half the cost of ..
Suppose that a golf club is designing a two-part tariff pricing mechanism in order toincrease profits. Suppose there are two types of golfers, mad-golfers and normal-golfers
A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm’s total costs are C(Q) = 50 + 12Q + 2Q2. How much output should the firm produce in the short run? What price should the firm charge..
Illustrate what is the probability that a simple random sample of auto insurance policies will have a sample mean within $25 of the population mean for each of the following sample sizes: 30, 50, 100, and 400.
You work at a Gazebo company (Shady Tents) and you hire an economist to estimate the price elasticity of demand for your product, and the estimate is .9 (in absolute value) and this has been fairly stable over the last year.
What is the quantity that maximizes profit? What is the revenue and profit at that point? What is the quantity that maximizes revenue? What is the revenue and profit at that point?
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