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The president of Lebanon Valley College proposed the following tuition program: provide a 50 percent tuition reduction for those graduating in the top 10 percent of their high school class, 33 percent reduction for those in the top 20 percent, and 25 percent reduction for those who finish in the top 30 percent. All scholarship recipients were also required to maintain a minimum GPA. The comptroller estimated that the elasticity of demand for these students was greater than 1.
a) Economics Professor Paul Heise recommended that the president institute the program, arguing that it would increase revenues. What was his argument?
b) Why did the program distinguish among top-performing students?
c) Why didn't the president reduce tuition for all students?
Assume the market is characterized by a Cournot oligopoly. Determine the reaction function of each firm. Determine the equilibrium output level for each firm. Determine the equilibrium market price. Determine the market output. Determine the market p..
Joe Brown's dairy operates in a perfectly competitive marketplace. Joe's machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages paid to the few workers he employs at the dairy.
A spike in the unemployment rate-the biggest in more than 2 decades-raised new concerns Friday that a weak labor outlook, high oil prices and continuing woes in the housing & credit markets are leading the US economy in to a painful recession.
Suppose a random variable X has a discrete uniform distribution on the first m positive integers. Find the mean and the variance of X. What are the mean and the variance if X equals the outcome when rolling a fair six-sided die
A firm produces paper clips with the following production function: F(K,L) = 3K^(2/3) L^(1/3) where K is the capital used in production and L is labor used in production. The rental rate for capital is r = 24 and the wage rate is w = 6.
wedding plan with cake (c) and champagne (h) - price per glass and slice u(h,c) = h^(1/3)c a) solve foc's to derive the demand functions h(P(subscript h), P(subscript c), M) and c(P(subscript h), P(subscript c), M)
A small nation permits free trade in good X. At the good's free-trade price of $8, domestic firms supply 6 million units and imports account for 4 million units. Recently the small country has ereted trade barriers with the result that imports hav..
Graphically demonstrate the production possibilities frontier for nation of Stromboli, using information given in the following table.
A compnay places a system for $3000000.00. It is expected to last 30 years with a salvage value of $250000.00. It will increase net income by $500000.00 in the first year, increasing 2.4% each year thereafter. The tax rate is 40%, and after tax MA..
The Federal Reserve has just purchased $100 million in Treasury bills from commercial banks. b. If the public holds a fixed amount of currency (so that all loans create an equal amount of deposits in the banking system), the minimum reserve ratio ..
Find (all) the partial derivatives (e.g. ?u/?x and ?u/?y) of the following functions: 1. Q(p,I) = 300 - 3p - 4I 2. u(x,y) = 10xy 3. u(x,y) = ax? y? 4. z = (x+y)2 5. z = 2x3-11x2y +3y2
Assume that two companies (C and D) are duopolists that produce identical products. Demand for the products is given by the following linear demand function: P=600-QC-QD QC and QD are the quantities sold by the respective firms and P is the sellin..
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