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Explain how each of the following is a form of price discrimination:a. a student discount at the movie theater b. long-distance phone service that costs 15 cents per minute for the first 10 minutes and 5 cents per minute after 10 minutesc. a senior citizen breakfast discount at a local restaurantd. coupon discounts on laundry detergent.
Macromedia is a relatively new company that offers computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the activity that the instructor is presenting. To introduce themselves to ..
Smith can work as many hours per day as he chooses, and he will be paid $1/hr for the first 8 hours he works, $2.50/hr for each hour over 8. Faced with this payment schedule, Smith chooses to work 12 hr/day.
Howard Bowen is a large cotton farmer. The land and machinery he owns has a current market value of $4,000,000. Bowen owes his local bank $3,000,000. Last year Bowen sold $5,000,000 worth of cotton. His variable operating costs were $4,500,000 and..
Suppose a tax on beans of $0.05 per can is levied on firms. As a result of the tax, the equilibrium price increases from $0.20 to $0.22. What fraction of the incidence falls on consumers Suppose the supply elasticity is 0.6. What must the demand e..
Explain why this firm would not try to sell more output by undercutting the market price. A calculation is not necessary but you may choose to use it as your explanation. What will happen in this industry in the long run
Suppose that the government cuts net taxes by $10 billion. These are lump sum taxes. To keep its budget balanced at its current level, it also reduces its spending by $10 billion. Which summarizes the impact of the government's policy action on eq..
A used car dealer advertises financing at 0% interest over 3 years with monthly payments. You must pay a processing fee of $250 at signing. The car you like costs $6000. a) What is your effective annual interest rate
Assume that an investor is risk-neutral (i.e. assume that the investor always chooses the investment with the higher expected rate of return even if it is riskier). If the yield on 1-year marketable CD's is 6% while the yield on 2-year marketable ..
Consider a city that has a number of hot dog stands operating throughout the downtown area. Suppose that each vendor has a marginal cost of $1.50 per hot dog sold and no fixed cost. Suppose the maximum number of hot dogs that any one vendor can se..
Create an inverse demand of P = a - bQ, inverse demand of P = 11 - 2Q. a) Calculate the marginal revenue (MR). b) Find the quantity and price which maximize profits when marginal cost is zero (round off to two decimal places for any number that is ..
Consider a seller who values a car at $9,500 and a buyer who values the same car at $10,000. What total surplus will result from a transaction between the two when the seller is faced with the following sales tax rates: 0%, 2%, 4%, 6%, and 8%
Suppose that the demand for broccoli is given by Demand Q= 1,000 - 5p where Q is quantity per year measured in hundreds of bushels and P is price in dollars per hundred bushels. The long run supply curve for broccoli is given by Supply: Q= 4P - 80
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