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Let the inverse demand curve for tennis classes is: P = 90 - 1.5Q.
a) If the equilibrium price is $15, calculate the optimal quantity and the consumer surplus.
b) If price increase to $30, calculate the optimal quantity and the new consumer surplus.
c) Suppose the club decides to include a membership, what is the maximum membership that the club can fix with the new price?
Explain how the break-even quantities and operating leverages are affected by the relationships between fixed and variable costs.
Suppose you are in charge of U.S. fiscal policy. The economy is in recession. Based on what you've learned in this chapter, what would you do? Optional: What factors caused the federal budget to turn from a surplus to an expected deficit in 2002?
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Describe how price regulation may improve the performance of monopolies. In your answer distinguish between socially optimal pricing and fair return pricing.
What is the purpose of the policy Why is the policy necessary The welfare of consumers, producers, and society (the winners and losers) before and after the policy The distribution of costs and benefits Does government intervention improve the si..
under pressure from lobbying groups the president of a newly-independent country implements a minimum wage of 6hour.
Fiona requires a minimum level of consumption, a threshold, to derive additional utility: U(X,Z) is 0 if X+Z is less than or equal to 5 and is X+Z otherwise. Draw fionas indifference curves. Which of our usual assumption does this example violate.
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The main difference between perfect competition and monopolistic competition is, rices under an ideal cartel situation will be equal to
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