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Leopold Bus Company runs daily service between Bigcity and Tinytown. It calculates that the average cost per trip (wages, gas, insurance, payments on loans, etc.) is $140. Leopold sells the bus tickets for $5 each. The busses hold 40 people, but are usually just three-quarters full. Leopold is considering half-rate tickets to students, on a standby basis.
Will the sales of the standby tickets cover the average costs of the extra passengers?
Will the sales of the standby tickets cover the marginal costs of the extra passengers?
Should Leopold proceed with the plan? Why?
Can you think of circumstances under which it would be unwise to offer the standby choice?
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q.assume that the following asset values in millions of dollars exist in ironmaniacategory value federal reserve notes
If this is true, explain why does not just one state produce all of the orange juice for the U.S. market.
Utility is given by the function U(x,y) = (x + 2)^0.6y^0.4. Income is I and the prices of x and y are respectively Px and Py. Solve for the optimal quantities of x and y. Are corner solutions possible?
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A market has a demand curve described by P=60-3Q and a supply curve described by P=20+2Q. Calculate Consumer Surplus
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