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Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. CC estimates that on an average day there are 1,000 sunbathers evenly spread along the beach and that each sunbather will buy one crepe per day provided that the price plus any disutility cost does not exceed $5. Each sunbather incurs a disutility cost of getting up from resting to get a crepe and returning to their beach spot of 25 cents for every 1/4 mile the sunbather has to walk to get to the CC stall. Each crepe costs $0.50 to make and CC incurs a $40 overhead cost per day to operate a stall.
---Suppose now CC requires that each stall holder deliver the crepes in its own designated territory.
a) How many franchises should now be awarded if we make the standard assumption that the effort costs of the stall holders are the same as those of the sun bathers?
b) How would your answer change if the stall holders instead incurred effort costs half as much as those of the sun bathers, that is, if their costs were 12.5 cents for every quarter mile of distance?
Assume there is a duopoly with the following demand equations Q1=30-P1+P2 and Q2=30-P2+P1. Marginal cost are given as MC1=6, MC2=0. Calculate the Bertrand solution. What are the reaction curves?
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Two months after it began selling the food, its pet food sales declined dramatically because a competitor across the street started selling the identical food for $ 22 per bag. Should Roscoe's Rascals match the price offered by the competitor.
Using an aggregate supply/aggregate demand model chart the short run effects of decreasing government spending (assuming you began in a short run and long run equilibrium)
Rational Behavior assumes "perfect" behavior on the part of human beings who are notoriously imperfect. For what reasons are they like this?
Provide examples of different tools businesses use to identify the elasticity of their different customers. Also elucidate how the financial aid department determines student elasticity.
Analyze gasoline price hike statistics in the following scenario. In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. Calculate the price elasticity of gasoline. Calculate the price elasticity of demand for gasoline. Calculate the ..
How large is the economy of Japan? Japanese GDP in 2010 was 480 trillion yen (U.S. GDP, again was $14.5 trillion). The exchange rate in 2010 was 87.8 yen per dollar. What is the ratio of Japanese GDP to U.S. GDP if we don't take into account the diff..
Suppose the airline industry consists of two firms, A and B. These two firms engage in Cournot competition with each other over a certain route for which inverse demand is P(Q) = 1000 − Q with Q = qA + qB. Solve for the Cournot equilibrium price. Sup..
Explain the legitimacy for local and national government agencies to use taxpayer money to assist small companies in the effort to export. Determine how taxpayer money can help local economies.
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