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The residents of the town Marina Del Rey all love economics, and the mayor proposes building an economics museum. The museum has a fixed cost of $ 2,400,000 and no variable costs. There are 100,000 town residents, and each has the same demand for museum visits: QD = 10 – P, where P is the price of admission. a. Graph the museum’s average total cost curve and its marginal cost curve. What kind of market would describe the museum? b. The mayor proposes financing the museum with a lump-sum tax of $ 24 and then opening the museum free to the public. How many times would each person visit? c. The mayor’s anti- tax opponent says the museum should finance itself by charging an admission fee. What is the lowest price the museum can charge without incurring losses? d. What real- world considerations absent in the above problem might argue in favor of an admission fee?
Between 2011 and 2012, the quantity of cars produced and sold decreased by 20%. During the same period, the price of cars increased by 5% and the cost of gasoline increased by 20%. We know that the cross elasticity of demand of gasoline is -0.3. Comp..
Elucidate the entities affected by industrial regulation in terms of market structure. Elucidate why industrial regulation affects those entities you identified.
Which of the following would cause the supply curve for bread to shift inward?
Use Ricardian model to explain why and how both of the two countries considered countries gain from free trade between them. And what determines the relative extent of these gains?
In 1991 and 1994, Apple Computer engaged in a holding action in desktop market dominated by PCs using Intel chips and running Microsoft's operating systems.
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Find the utility maximizing ch..
What are some examples of companies that succeed and companies that fail in engaging their customers?
What is a subgame-perfect Nash equilibrium proposal of player 1, and what is the resulting outcome of the game?
Explain how the circular flow diagram relates to the current economic situation.
In 2008, the Board of Directors and shareholders of Anheuser Busch agreed to be acquired by a Belgian Brewer (InBev). Prior to the merger, InBev made many pledges to AB regarding how the company would operate after the merger, how its employees would..
How many units will be traded at a cost of $35? At a price of $14. Which participants will be dissatisfied at these prices.
q1. the taxing agency in your state would like to impose a sales tax in a way that minimizes deadweight loss. to
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