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Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. CC estimates that on an average day there are 1,000 sunbathers evenly spread along the beach and that each sunbather will buy one crepe per day provided that the price plus any disutility cost does not exceed $5. Each sunbather incurs a disutility cost of getting up from resting to get a crepe and returning to their beach spot of 25 cents for every 1/4 mile the sunbather has to walk to get to the CC stall. Each crepe costs $0.50 to make and CC incurs a $40 overhead cost per day to operate a stall. 1. How many franchises should CC award given that it determines the prices the stall holders can charge and that it will have a profit sharing royalty scheme with the stall holders? 2. What will be the price of a crepe at each stall? 3. Suppose now that CC requires that each stall holder deliver the crepes in its own designated territory. How many franchises should now be awarded if the effort costs are the same for the stall holders as for the sunbathers. 4. How would this answer change if the stall holders instead incurred effort costs half as much as those of the sunbathers, i.e., of their costs were 12.5 cents for every quarter mile of distance.
Explain briefly why the sellers and buyers are each willing to do so. What is the total cost of pollution reduction in this situation.
Assume that Country A has a population of 500,000 and only produces 1 good: cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfil all the demand. What is the composition ..
An attorney acquires confidential information about a certain client. However, he discovers that this information is important for the affairs of a second client. In this situation, two duties are in conflict. What are these two conflicting duties? H..
"Maximizing Revenue" Operating in a monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
Consider an individual whose utility function is U = X0.5Y0.5. If she consumes 3 units of X and 4 units of Y, then some level of utility will be experienced. If the individual instead consumes 2 units of Y, how much of good X must she consume in orde..
Suppose that Joe enjoys and repeatedly does stupid things like getting heavily into debt and insulting police officers. Do these actions constitute systematic errors? If he gets what he wants each time, are his stupid actions even considered to be er..
q.suppose a country the total holdings of banks were as followsrequired reserves 45 millionexcess reserves 15
Identify and briefly explain in your own words three specific macroeconomic topics or ideas that you found to be the most important and/or most interesting. Be specific, and explain.
Mike finds a Coke machine in an abandoned part of town and is extremely thirsty. The Coke machine requires exact change -two quarters and a dime. No other combination of coins will make anything come out of the machine. Does Mike have convex preferen..
A production process using two inputs, labor and capital, can be written as: Determine the least cost combination of L and K if the firm decides to produce 1,000 tons per day. What is the total cost of producing $1,000 tons per day?
It is frequently observed that when a city is located next to a major highway, gas stations located close to the highway charge higher prices than gas stations located farther away.
In 1796, Gottfried Christoph Hartel, a German music publisher, calculated the cost of printing music using an engraved plate technology and used these estimated costs functions to make productions decisions.
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