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An economist gives the following advice to a museum director: “You should introduce “peak pricing”. At times when the museum has few visitors, you should admit visitors for free. And at times when the museum has many visitors, you should charge a higher admission fee.”
When the museum is quiet, is it rival or non-rival in consumption? Is it excludable or non-excludable? What type of good – public or private - is the museum at those times? What would be the efficient price to charge visitors, and why? (I.e., should the price = $0, or should it be >$0?)
When the museum is busy, is it rival or non-rival in consumption? Is it excludable or non-excludable? What type of good is the museum at those times? What would be the efficient price to charge visitors, and why?
Illustrate what is the individual's optimal consumption in each period. Explain how much saving does he or she do in the first period.
Do you think this pattern of trade is consistent with the principle of comparative advantage?
Graph all three curves. What is the relationship between the marginal-cost curve and the average total cost curve
Let the inverse demand curve for tennis classes is: P = 90 - 1.5Q. If the equilibrium price is $15, calculate the optimal quantity and the consumer surplus. If price increase to $30, calculate the optimal quantity and the new consumer surplus.
q. 1. what is a business organization?2. what is the most common form of business organization?3. define sole
Suppose that the income tax in a certain nation is computed as a flat rate of 5 percent, but no tax is levied above $50,000 in taxable income.
In early 1998, S3 was a small microchip-design firm with a big problem. The company knew that Intel’s patent wall would eventually stall its high-performance graphic-microchip business. S3 hatched a plan to fix the problem. What is the implication fo..
To explore the implications of this view, suppose that an economy consumes all wage income and saves all capital income. Show that if the factors of production earn their marginal product, this economy reaches the Golden Rule level of capital.
Many microfinance programs are introduced in a staggered manner. That is, one group of locations get the program today, another gets the program in 6 months, and so on. Describe a difference-in-difference procedure to estimate the impact of microfina..
information effect the calculation of the inflation rate If so, Elucidate how. Does McDonald earn an accounting profit? Does he earn economic profit
Explore how firms in monopolistic competition differentiate their products or services to generate a market niche and gain more control over their pricing. To what extent can product differentiation create barriers to entry?
which of following is a characteristic of a binomial experiment. A. at least 2 outcomes are possible b. probability changes from trial to trial c. trials are independent d. None of these alternatives is correct.
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