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You are organizing a rock concert to benefit Amnesty International. The concert is to be held in a football stadium that has a seating capacity of 56,000. There are two kinds of seating: reserved and general. Demand for these seats is estimated as:
PR = 100-.00125 QR and PG = 60-.00125 QG
Where PR and PG denote ticket prices for reserved and general seating and QR and QG are the number of those seats
All artists and support staff are donating their time, but there is a fixed cost of $100,000.
a) Using the method of the Lagrange multiplier compute the prices that you will charge to so that the profit is maximized and at the same time the stadium will be filled to capacity.
Compute the number of each type of tickets sold, as well as the consequent profit level.
b) Compute the value of the Lagrange multiplier. Describe its economic significance in this case.
During the last three decades entrepreneurs like Michael Dell, Sam Walton, and Ted Turner earned billions of dollars. Do you think the average American is better or worse off as the result of the economic activities of these individuals? Explain your..
Fronterra, created in 2001 by New Zealand lawmakers, profits some 13,000 dairymen instead of all the citizens of the nation.
On january 1,2005, a person's saving account was worth $200,000. Every month thereafter, this person makes a cash contribution of $676 to the account. I f the funds is expected to be worth $400,000 on january 1,2010, what annual rate of interest is b..
some answers but i need to show work1 q 7632 q243 q552need by 7213 at 5pm mountain timequestion 1 solve for the nash
A country with fixed quantities of resources is able to make any of the following combinations of bread and ovens.
In 1993 Mattel proposed merging Fisher value for $1.2 billion. In toy industry Mattel is a major player with 11% of the market. Fisher-Price has 4%.
1. provide an example of each of the factors of production and how the government may alter the factor to expand the
Compute the mean and standard deviation of the damage in any year and determine the expected value of X, E(X), and expected value of Y, E(Y).
Find the equilibrium price and quantity both algebraically and graphically.
There are literally several elected officials across the U.S. at the local, state, and national levels. The 2-major political parties remain as important to election and reelection of public officials today as ever before.
If the demand for money becomes more insensitive to changes in the interest rate, equilibrium in the money sector will have to be restored mostly through changes in income. This implies a flat LM-curve.” Comment on this statement.
at the beginning of the year an audio engineer quit his job and gave up a salary of 175000 per year in order to start
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