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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?
How would the following changes in price affect total revenue? That is, would total revenue increase, decline, or remain unchanged?
Bookselling is an industry where product differentiation matters. Since books themselves are identical, retailers must concentrate on other things to attract and retain customers. Explain what type of market structure is presented in the movie. Expla..
Suppose there are two spice-producing firms, and each can set up one trading post. Illustrate where would they set up trading posts and what prices would they charge.
You are a division manager at Toyota. If your marketing department estimates that the semiannual demand for the Highlander is Q 100,000 -1.25P, illustrate what price should you charge in order to maximize revenues from sales of the Highlander.
Within two weeks sales had fallen. Using your knowledge of game theory, illustrate what do you think disrupted McDonald's plans.
Elucidate with an aid of a diagram , the effect on prices and output if households decide to spend a large share of their income.
What constant yearly rate of inflation would lead to the price rise observed over those two years.
In the 1950s, imports and exports of goods and services constituted roughly 4% to 5% of U.S. GDP. In recent years, exports have accounted for approximately 12% of GDP, while imports have more than tripled to over 15% of GDP. International trade agree..
Consider an individual who faces a gamble over two outcomes, In the first outcome he maintains the wealth of w1, and in the second outcome he faces a loss of wealth and is left with a final amount of w2.
Suppose at Columbia University, grade point average (GPA) and SAT scores are related by the conditional expectation
If the college charges all students the same tuition, illustrate what tuition can it charge to cover all of its costs.
In 2010, the Laser Company produced 18 t-shirts. Three of them were sold to Catherine for $551 each, later that same year Catherine sold the now used t-shirts to Max for $540 each. The reaming t-shirts that Laser produced were not sold to anyone that..
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