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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? 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 San Francisco Power Company faces a peak period demand of Pp = 10 - Qp and an off-peak period demand of Pop = 4 - Qop. The corresponding marginal revenue curves are MRp = 10 - 2Qp and MRop = 4 - 2Qop. The marginal cost of building capacity is 2 cents and the marginal cost of operation is 1cent. Prices are in cents/kilowatt hours and quantities are in millions of kilowatt-hours. Find the peak period price and quantity and the off peak period price and quantity? How do the managers use the concepts of cross price elasticity and income elasticity of demand in decision making process? Give example of any two of them to reinforce your explanation. Suppose demand and supply curves are given by: Qd = 50 -P and Qs = 0.5P-10. What would be the magnitude of surplus or shortage if the price is $42. What is the market clearing price and output?
Management has decided to acquire a new asset that costs $200.000. The estimated economic life of the asset is five years. but the firm wants the use of the asset only for three years If the firm purchases the asset.
A convenience store manager earns a base salary plus small bonuses for each of ten different possible monthly milestones he meets. Typical managers can meet half of these milestones. Do they miss the others by a little or a lot?
Brief history of the automotive industry, an automotive industry overview, and a SWOTT (Strengths, Weaknesses, Opportunities, Threats, and Trends) analysis of the automotive industry.
Suppose Merck is developing new drugs that have positive externalities; the positive externality is a pharmaceutical technology we all benefit from. Let the supply curve for Merck’s production be P =Q/4, where Q is the number of units of drugs they’v..
Recall that Carson Company has periodically borrowed funds but contemplates a stock or bond offering so that it can expand by acquiring some other businesses. It has contacted Kelly Investment Company, a securities firm.
what do you think is the best solution to the obesity epidemic? what roles can the food and restaurant industries, trial attorneys, government policymakers and regulators, and individual consumers play in a solution, if any
assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision
Over the business cycle, real GDP tends to increase during the expansion and decrease during the contraction. Can you name some other macro variables that fluctuate over the business cycle like GDP does?
question 1 what is the purpose of the imf and why might the imf be called the lender of last resort?nbspdiscuss hownbsp
Explain the spread of so-called classic Gold Standard during the era before World War One. Explain two (2) ways that Central Banks helped maintain the Gold Standard before 1914? Offer two (2) reasons why the Standard operated less effectively among t..
As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil.
Effects of Cheap Labor in Southeast Asia; Catalyst for Industrialization and Economic Development
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