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Owners of a Florida restaurant estimate that the elasticity of demand for meals is -1.5 for senior citizens and -1.33 for everyone else.
a. Given this information, how big (in percentage terms) should the senior citizen discount be?
b. Suppose that the restaurant owners discover that seniors tend to demand more attention from their waiters and send back more food as unsatisfactory, to the extent that the marginal cost of serving a senior is twice as high as serving an adult. Accounting for these costs, how large should the senior citizen discount be? (Hint: Refer back to the example in the text, but don't cancel out marginal costs!)
c. Were your results in part (b) surprising? Explain them, intuitively.
Solve Tracy's problem of how often to go to the ATM when the nominal interest rate on her bank account is 10 perent, she spends $30 each day, it costs her $.50 each time she uses her ATM, and she thinks that there is a 15 percent chance.
Suppose you obtain α^ and Var^(α^). Describe how to obtain the confidence interval at the 90% confidence level for α
Are earnings subject to ethnic discrimination? Using your EAEF data set, regress LGEARN on S, ASVABC, MALE, ETHHISP and ETHBLACK .Interpret the regression results and perform t tests on the coefficients.
Which methods have been followed in India?
Badyear Rubber has developed the following input costs for their truck and bicycle tires. The same rubber is used for both products. Given the constraints they face, how many units of rubber should be used for truck tires and how many should be us..
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"The growth of consumer information organizations, legal requirements, and warranty requirements has caused significant increases in the cost of customer satisfaction. " Comment on this quote.
Suppose a prot-maximizing monopolist is producing 800 units of output and is charging a price of $40 per unit. a. If the elasticity of demand for the product is $ 2, nd the marginal cost of the last unit produced. b. What is the firm's percentage mar..
create your own scenario and schedule for a 6-month or 12-month project. Include the five process groups, but focus on key tasks for executing the project. For example, you could develop a schedule for starting a business, renovating a house, deve..
The restaurant sold all the wine to customers for $45 each. For the total wine production, calculate the value added of Larson and of the restaurant.
What is the present value of seven annual payments of $1,000 if the first payment will be received after 4 years and the interest rate is 4%
Suppose that a country has no public debt in year 1 but experiences a budget deficit of $40 billion in year 2, a budget deficit of $20 billion in year 3, a budget surplus of $10 billion in year 3, and a budget deficit of $2 billion in year 4.
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