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Assume that the demand function for women’s basketball tickets is as follows:
Qd = 20,000 - 2,000P
1) Graph the demand curve, and give some verbal interpretation. Compute the intercept and slope of the demand curve.
2) Use the calculus formula to calculate the point elasticity at the price of $4.00. Give a verbal interpretation of this elasticity. Is the elasticity considered “elastic” or “inelastic”?
3) Using the elasticity you just computed, what would happen to attendance if the price were to be reduced by 7%? By what percentage will ticket sales change? Would this increase or decrease total revenue?
What should the jackpot be before the expected payoff is worth your $1.00 bet. Assume that the state takes 60% of the jackpot in taxes, that no one else is a winner, and that you are risk -neutral.
u.s. trucking pays its drivers 40000 per year while american trucking pays its drivers 38000 per year. for both firms
How long will this discount change the consumer surplus and producer surplus? Will Big Top be more efficient by offering the discount to children?
Even though the use of checks lower transaction costs when compared to the use of paper currency, it is unlikely that the use of paper or metallic currency will disappear entirely. Why?
q1. using the formula for beta1 and beta0 show what will happen to the estimator of the slope and intercept in the slr
Compute the profit-maximizing price and output levels assuming Pear acts as a monopolist for its product. Determine the total contribution to profits and fixed costs from the solution generated in Part (a).
Illustrate what is the total opportunity cost of the day that Farmer Tony incurred for his spring day in the field planting wheat.
The university is seeking a grant to cover capital costs. How big of a grant would make this project worthwhile (to the university).
q1. using supply and demand analysis to predict the effect of e-commerce on equilibrium output and equilibrium price of
The quantity demanded of the resource in each year is given by the equation Qt = 10 - Pt . The marginal cost of extraction is zero.
What is the total market demand for polyglue at the price established by Alchem in Part (a)? How much of total demand do the follower firms supply?
What is the short-run equilibrium price. What is the short-run equilibrium market quantity.
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