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For each of the following examples, explain how and why a monopoly would try to price discriminate.
1) Air transport for businesspeople and tourists.
2) Serving food on weekdays to businesspeople and retired people. (Hint: Which group has more flexibility during a weekday to adjust to a price change and, hence, a higher price elasticity of demand?
3) A theater that shows the same movie to large families and to individuals and couples. (Hint: For which set of people will the overall expense of a movie be a larger part of their budget, so that demand is more elastic?)
John has been in the habit of mowing Willa's lawn each week for $20. John"s opportunity cost is $15, and Willa would be wlling to pay $25 to have her lawn mowed.
How can we measure the opportunity cost of producing a good? Using a bowed outward production possibilities curve between ice cream and hammers, identify graphically the opportunity cost of obtaining an additional hammer.
In developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater educational opportunities for young women could lead to faster economic growth in these countries.
The Burrito Barn is considering a price reduction on the Firegut Burrito. Giuseppe, the proprietor of Burrito Barn, has recorded sales data at different price levels over the last year. He is quite confident that no other demand factors, such as c..
Despite the empirical evidence to the contrary, college decision-makers often believe that their price elasticity of demand is essentially zero. Is that right How important were price considerations in making your college decision Would a change o..
Using the AD-AS model, if consumers and business become more optimistic about the future direction of the economy and increase spending, then: aggregate demand will decrease, aggregate demand will increase.
Write down the household's budget constraints for period 1 and 2 and identify the current account.
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
In 2005, The economist reported that France's real exchange rate had increased relative to Germany's real exchange rate during the preceding two years. How can this be true if both France and Germany used the euro as their currency.
Briefly summarize your views on whether the total expenditures for health care in the United States are too high. Provide your rationale, including the criteria you are using for your assessment.
Why is it important for managers to understand the mechanics of supply and demand both in the short run and in the long run What are some examples of companies whose business was either helped or hurt by changes in supply or demand in the markets
Heavy rains caused the flooding of the Mississipi River and the Missouri River as well as some of their tributaries. This flood represented an important macroeconomic shock significantly damaging the aggregate capital stock and ..
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