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A movie theater has estimated that the demand for a movie ticket can be written as P1 = 10 - Q1 for senior citizens and P2 = 12 - Q2 for the rest of the customers. The marginal cost of a movie ticket is $1. If the movie theater practices third-degree price discrimination, what prices will be charged?
Assume that you raise the price of a product you have in inventory from $600 to $1,000. After the price increase you notice that your sales of this product have gone from 300 per month to 100 per month. 1. Calculate the price elasticity of demand f..
England, France, and Germany. If you enter the English market, you have a 0.5 chance of big success (selling 100,000 units at a per-unit profit of $8), a 0.3 chance of moderate success (selling 60,000 units at a per-unit profit of $6), and a 0.2 c..
X and Y are two random variables. The average value of X is 40,000 and X has a standard deviation of 12,000. The average value of Y is 45,000 and the standard deviation of Y is 18,000. The correlation between X and Y is 0.80.
A corporation has 15,000 employees. Sixty-two percent of the employees are male. Twenty-three percent of the employees earn more than $30,000 a year. Eighteen percent of the employees are male and earn more than $30,000 a year.
There are two types of consumers of ice cream: 10 are rich and 50 are poor. Every rich consumer has a demand of 0 for a price of $500/ton; and his/her demand decreases by 1 ton each time the price increases by $1/ton. Every poor consumer has a dem..
To save money, they can put up with some marks and stains. The frugal students are only willing to pay a premium of $8 for a new book instead of a used book. The remaining 300 students are fastidious about their textbooks.
Professor Goodheart gives 3 midterm exams. He drops the lowest score and gives each student her average score on the other two exams. Polly Sigh is taking his course and has a 60 on her first exam. Let x2 be her score on the second exam
What happened to the marginal product of labor between 1960 and 2007 calculate the marginal product numerically as the extra output gained by adding 1 million workers in each of the two years.
at a price of $1 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1). In the long run, a price increase from $1 to..
the formula for AFC, AVC, ATC, MC, TR, MR The market price faced by this firm is $6.00 per widget. a. Fill in the formula for AFC, AVC, ATC, MC, TR, MR, and Total Profit b. Fill in the missing values for TFC, TVC, AFC, AVC, ATC, MC, TR, MR,
Suppose Alfred and Bart are originally paid $10 per hour at In N Out, and they originally choose to each work 8 hours per day. Explain how a wage decrease to $9 per hour could make Alfred choose to increase work hours per day, but could make Bart ..
In the derivation of the Solow growth model, we assumed that government spending and taxes less transfers were both zero. Relax that assumption and assume that both are constant graction of GDP, say T = G = gammaY. What is the steady state level o..
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