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The Conch Café, located in Gulf Shores, Alabama, features casual lunches with a great view of the Gulf of Mexico. To accommodate the increase in business during the summer vacation season, Fuzzy Conch, the owner, hires a large number of servers as seasonal help. When he interviews a prospective server, he would like to provide data on the amount a server can earn in tips. He believes that the amount of the bill and the number of diners are both related to the amount of the tip. He gathered the following sample information. Customer Amount of Tip Amount of Bill Number of Diners Customer Amount of Tip Amount of Bill Number of Diners 1 $8 $56.88 4 16 $3.3 $23.59 2 2 4.5 28.23 4 17 3.5 22.3 2 3 1 10.65 1 18 3.25 32 2 4 2.4 19.82 3 19 5.4 50.02 4 5 5 28.62 3 20 2.25 17.6 3 6 4.25 24.83 2 21 4.2 48.42 2 7 0.5 6.24 1 22 3 20.27 2 8 6 49.2 4 23 1.25 19.53 2 9 5 43.26 3 24 3.25 27.03 3 10 3.45 36.9 4 25 3 21.28 2 11 6.54 94.14 3 26 6.25 43.38 4 12 6 34.99 3 27 5.6 28.12 4 13 4 33.91 4 28 2.5 26.25 2 14 3.35 23.06 2 29 7.2 87.66 7 15 0.75 4.65 1 30 6.9 64.7 3
Suppose the world price for a good is 40 and the domestic demand and supply cureves are given as: Demand: P=80-2Q Supply: P=5+3Q A) How much is consumed? B) How much is produced at home? C) What are the values of consumer and producer surplus?
The Zenvox TV Company faces a demand function for its products that can be expressed as Q = 4,000 - P + 0.5i, where Q is the number of tv's, P is the price per tv, and i is the average monthly income. Average monthly income is currently equal to $..
A man wishes to set aside money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated rate is 8%. If the bank pays ..
American Pulp Corp. (APC) has entered into a contract to harvest timber for $450,000. The total estimated available harvest is 150 million board-feet. What is the depletion allowance for years 1 to 3 if 42, 45, and 35 million board-feet are harvest..
A chemical company is considering two processes for making cationic polymer. Process A will have a first cost of $100,000 and an annual operating cost of $60,000. Process B will have a first cost of $165,000. If both processes will be adequate for..
Further analysis showed that for putts that were made 64.0% of the time the player was attempting to make a par putt and 18.8% of the time the player was attempting to a birdie putt. What is the probability that a PGA Tour player makes a putt
The cost of extending a certain road is $850,000. Resurfacing and other maintenance are expected to cost $175,000 every 3 years and lasts for 96 years. What is the present worth of the road at an interest rate of 6% per year (over that period)
Now.suppose the monopolist has a total cost curve given by TC+16+4Q2(fixed costs are at original level but variable costs changed). Find the monopolist's profit-maximizing quantity and price.How much economic profit does the monopolist earn d)Inte..
A needy family of a mother and three children currently receives cash benefits that average $12 per day. The mother of this family is allowed to earn an average of $4 per day before her benefits begin to decline.
Say that investment increases by 100 for each interest rate drop of 1 percent. Say also that the expenditures multiplier is 3. If the money multiplier is 5, and each 5-unit change in the money supply changes the interest rate by 1 percent, what op..
Price Quantity demanded $200 1000 150 1400 100 1800 a. If price falls from $200 to $150, what is the elasticity of demand over this range b. As output increases from 1,000 to 1,400 what is marginal revenue
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200..
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