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An amusement park, whose customer set is made up of two markets, adults and children, can be expressed in equation form as follows (where subscript A refers to the adult market, subscript C to the market for children, and subscript T to the two markets combined):QA = 20 - 1PAQC = 30 - 2PCQT = 50 - 3PTThe marginal operating cost of each unit of quantity is $5. The owners of the amusement park wish to maximise profits.
a. Solve these equations for the maximum profit that the amusement park will attain when it charges different prices in the two markets and when it charges a single price for the combined market.
b. What is a two-part tariff? How can a firm determine an optimal two-part tariff it has two customers with different demand curves?
Consider an agent who lives two periods. He is unemployed at the beginning of the first period and has a wage offer of w. If he accepts the wage offer w, he will work forever at that wage. If he rejects the offer, he receives an unemployment benef..
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Suppose that households are concerned about the future and cut back on their marginal propensity to consume from 0.80 to 0.667. Try this experiment for the Money Supply Target case and the Interest Target Case.
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According to the United States informationfor 1965-IQ to 1983-IQ (n=76), James and Adibi obtained the folowwing regression to explain personal consumption expenditure in the United States
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An electronic device is available that will reduce this year's labor cost by $10,000. The equipment is expected to last for 8 years. If labor costs increase at an average rate of 7% per year and the interest rate is 12% per year: a. What is the m..
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