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Suppose you have been employed by FIFA to recommend on pricing of tickets for the World Cup Final on 11th July 2010 to be played at Soccer City Johannesburg, a stadium with seating capacity of 88,460. You have been told that the objective is to set a ticket price that will maximise total revenue, given that the marginal cost of an extra spectator is zero. From the demand curve you calculate that revenue is maximised at a ticket price of $200 and that total demand at this price is 80,000, leaving 8,460 seats unsold. Assuming all this information is correct, discuss whether there are ways in which ticket revenues could be increased. (50%)
b) Could FIFA increase its total revenues by selling tickets at prices below the ticket revenue maximising level? Would this also be profit maximising? (50%)
How can the extent to which presence of economies and diseconomies of scale in an industry help account for size and number of companies in that industry?
A cost behavior analysis indicates that 75 percent of the cost of goods sold are variable, 50 percent of the selling expenses are variable, and 25 percent of the administrative expenses are variable.
Consider a manufacturer with 2-factories. They can make at either factory or both. However, we need to consider the quantities that will be produced at every factory.
Price comparison services on the Internet are a popular way for retailers to promote their products and a convenient way for customers to simultaneously obtain price quotes from many firms setting I identical product.
American Linen is a company that has multiple salespersons. In 2008, it changed the compensation method for its sales force, moving from a system of fixed wages to one of base wage plus charge.
Pratt or Julian Barbeque is a small restaruant in Columbia, Missouri. They employ 4-part time employees earning $48 per day.
I have been asked to find information on aggregate income. However, I also need to find information on labour and wealth income dis-aggregated.
Merriwell Company has a virtual monopoly in ultra high speed computer market. Merriwell has recently introduced a new computer that will be used through satellite installations around the world.
Business Week, in an article dealing with management, wrote, "When he took over furniture factory three years ago. Realized almost immediately that it was throwing away at least $100,000 a year worth of wood scrap.
Carry out an analysis from the standpoint of both EMV and expected utility to establish Jeremiah’s best course of action, including a consideration of his bidding strategy with regard to the auction.
The peace barber shop employs 4-barbers. One barber, who also serves as the manager, is paid a salary of $1,800 every month. The other barbers are paid 1,300 every month.
Use the concepts of economies and diseconomies of scale to describe the shape the companies long run ATC curve. Determine the concept of minimum efficient scale?
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