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A small fitness center that offers only personal training services has the following demand and cost parameters: Demand: The fitness center has found that it has some discretion in pricing¬¬—that is, it can raise price marginally without drastic reductions in volume. Based on statistical estimates of demand and assuming that external factors stay constant (e.g., price of competitors' services, income levels, etc.), the following relationship exists between the hourly rate for a personal training session (P) and the number of sessions demanded per day (Q): P = 140 – Q. Costs: The fitness center finds that its variable costs (e.g., labor) increase at a constant rate of $40 with each additional training session provided per day. Fixed costs such as rent are equal to $200 per day. This yields the following total variable cost (TVC) and total fixed cost (TFC) equations: TVC = 40Q. TFC = 200.
q.how to calculate the elasticity coefficient between each of the seven prices and indicate whether the character of
Past history says that tomorrow's demand for lettuce averages 250 boxes with a standard deviation of 34 boxes. Explain how many boxes of lettuce should the supermarket purchase tomorrow.
The long-run total cost function for a firm producing skateboards is: TC = q^2 - 45q^2 + 900q, where q is the number of skateboards per week. MC = 3q^2 - 90q + 900. Find the average cost function and find the output level that minimize the average to..
When a Denver resident purchases a shirt imported from China, this represents a:
Fair evaluations can be difficult, especially if there has been any conflict between a manager and employee. However, there is an evaluation process called 360 that tries to eliminate bias from evaluations. Do a little research and tell me what 360 i..
Almora a developing open economy is experiencing an economic boom since it discovered oil reserves off its coast two years ago. Bill Hudson, an economist with the finance Ministry of Almora, said in an interview that the oil boomhas improved the aver..
What determines interest rates? What is the role of risk? Of term? Of inflation? Of transactions costs? Please be specific like what will cause it to go UP and what will cause it to go down and why.
Suppose the inverse demand for coal is estimated to be P = 75 - 0.6Q, whereP is the price of coal and Q is the quantity demanded. The supply of coal is given by P = 0.3Q. Graph inverse demand and inverse supply. Calculate and show graphically the pri..
Suppose the exchange rate changes so that less Japanese yen are required to buy a dollar. We would conclude that a. the Japanese yen has appreciated in value b. U.S citizens will buy fewer Japanese imports c. Japanese will demand more U.S. exports d...
In designing health promotion efforts, it is important to set clear goals and measure how successful you are compared to the money and time you invest. This is known as: a. Objectivity b. Diffusion of innovations c. Accountability d. Two-step flow
Which of the following statements is correct about the optimal time of tree harvest problem?
Explain the relationship between one's beliefs about whether the minimum jobs program presented in the chapter actually solves the unemployment problem and one's normative view of responsibility for unemployment.
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