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Price Elasticity of Demand Sample Homework
Question: A gasoline station very near a professional football stadium parks cars on its lot to make money on game days. Last year it charged $4.00 per car and parked 1,000 cars. This year it raised the parking price to $5.00 and parked 850 cars. Did the station owner make a good economic decision in raising the parking prices from one year to the next? Explain fully your answer.
A $2.50 decrease in the price of the $17 salmon entrée increased sales from 40 to 75 meals per week. Which entree should he choose to put on sale?
Suppose the inflation rate is 5%. Suppose the marginal product of capital in a firm is 8% but that in the course of production, 6% of capital is worn out by depreciation. What is the nominal return associated with an investment in capital, and why..
Many economists think that we are in the very early stages of putting computer technology to work and that full incorporation of computers will cause a massive restructuring of virtually every institution of modern life. If they are right, what ar..
Using the ideas of marginal costs and marginal revenues, describe why economic profits are maximized where marginal revenue equals marginal cost and why profits decline if price is above or below the profit maximizing price.
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
What is the expected value and variance of the number of defective chips and what is the probability that they discover exactly 9 defective chips in this test?
Do firms earn accounting profit under perfect competition Do firms earn economic profit Viewing yourself as a firm, would you say that most of your career choices will be made in a competitive market Explain.
Prepare a brief paper defining direct and indirect channels of distribution. Discuss what are the key advantages and disadvantages of each channel for your company?
who file a lawsuit on behalf of the government if they believe that a company has somehow defrauded the government Securities and Exchange Commission Occupational Safety and Health Administration False Claims Act corporate philanthropy social audi..
Cinema Theater has estimated the following demand functions for its movies: Daytime demand, QD = 400 - 50 PD Nighttime demand, QN = 200 - 20 PN The marginal cost of serving another customer is $5 and its fixed costs are $100.
Why do you think the FED evaluates the money multiplier when making decisions with regard to the money supply What function does the money supply serve in our economy to influence certain economic variables
Public utilities such as electricity are referred to as natural monopolies and are often subject to regulation by a state authority
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