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1 a. A restaurant has three types of customers. A third of its customers, Type A, are willing to spend $5 on an appetizer but only $2 on a dessert. Another third, Type B, are willing to spend $3.50 on an appetizer and $3.50 on a dessert. The remaining third, type C, are willing to spend only $2 on an appetizer but $5 on a dessert. All three types are willing to spend $10 on the main course. It costs the restaurant a constant $2 to prepare an appetizer or a dessert, and $7 to prepare the main course. Which is optimal for the restaurant, to offer appetizers and desserts a la carte (with separate prices on the menu), or to offer them as a complete meal, tied with the main course? 1 b. The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's marginal product of labor is MP = 60 - 2L, where L is the number of workers hired. The manager can sell the product in the market place for $100 per unit, and the wage rate for labor is $200. How many workers should the manager hire?
The demand curve for a product is given by P=60-3Qd, where P is the price of the product and Qd is the quantity demanded for the product.
twenty-five children in fallsburg elementary school with a population of 60 pupils received their immunization against
a.What happens to the reserves of the bank b.What happens to the money supply in the economy as a whole if the reserve requirement is 10%, all payments are made by check, and there is no net drain into currency
Data for a monopolist’s total revenue (tr), total cost (tc), and output (q), for 48 consecutive months, appear in the file data#1. Suppose that the monopolist’s economic models for total revenue and total revenue and total cost are given respectively..
Production is accompanied by significant spillover costs. The government produces valuable goods and services at a low cost. The cost of living is lower in the country than is typical in the world.
Quotas imposed on Japanese imports into the United States tend to: penalize both U.S. consumers and Japanese consumers. benefit both U.S. consumers and Japanese consumers.
Rusty Flapps, an airline pilot with Air Canada, suddenly finds himself laid off because of the dramatic decline in the demand for air transportation brought on by the terrorist attacks of 9/11 and the recent economic slowdown.
a scalping world cup tickets not an easy taskb the economics of scalping super bowl ticketswhen listening please pay
Wisconsin is an important milk-producing state. Some people might argue that because of transportation costs, the cost of milk increases with the distance of markets from Wisconsin. Suppose the milk prices in eight cities are as follows.
The dual banking system in the U.S. today refers to: Most economists agree that the target rate of inflation for the central banks should be: One argument for an independent central bank is: Comparing the European and the U.S. central bank syatems, t..
Who in the Ethiopian society has the most difficult time dealing with scarcity? What do they need most? How can their society provide for their wants and needs? Why are they so impoverished? What can their governments do to help, or hinder their coun..
If the market has a very elastic demand curve and inelastic supply curve, how would the application of a subsidy is shared between consumers and producers? Use the tools of producer surplus and consumer surplus to answer this question. Is there a dea..
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