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A seasonal bus tour firm has 5 buses with a capacity of 60 people each. Each customer pays $25 for a 1-day tour. The firm has an expense of $5/customer and a fixed annual cost of $360,000. If occupancy on the buses average 80% each day, how many days per year must the firm operate to break even?
Two firms, Wickedly Efficient Widgets (WEW) and Wildly Nepotistic Widgets (WNW), produce widgets with the same production function y =K^(1/2) L^(1/2), where K is the input of capital and L is the input of labor
Suppose that, from an initial consumer equilibrium position, the price of one good falls while the price of the other good remains the same. Using indifference curve analysis, explain how and why the consumer's relative consumption of the two goods w..
A December 2007 issue of The Economist contained the following quote in an article about Germany: "The government has just chopped the payroll tax that finances unemployment insurance, which should encourage employment." Comment on this statement,..
Compute by how much monetary policymakers must change the nominal money supply for the expectations of firms and workers to be realized.
Identify the causes of the crisis, the steps the private and public sector took to resolve it, and what leaders should do to keep it from happening again.
If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car dealers in your area?
Discuss utility and some of the properties about people's preferences. one is that "more is better ".do you agree that is always the case and if not, do you have an example?
How important is the role of culture in management? How can we best cope with cultural differences in management practices? From you own experience, how does your company deal with cultural differences in the work place?
How will commercial airlines respond to the threat of new $27,500 fines for keeping passengers on the tarmac for more than 3 hours? What inefficiency will this create? I recently sold my used car. If no new production occurred for this transaction, h..
Explain how an economy with a shortterm equilibrium below the longterm equilibrium will adjust to bring the two into alignment. Explain how an economy with a shortterm equilibrium above the longterm equilibrium will adjust to bring the two into a..
Calculate the coefficient of price elasticity (midpoints approach) for Goldsboro's supply.
Distinguish between the two types but knows the probabilities of each type. What would be the result in this market for loans.
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