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In the case of the car wash, suppose that the owner wants to segment his market in terms of the willingness to pay of her customers. She thinks that segmenting the market between car owners who would pay more than $12 per car cash wash and those who would pay less than $12 is reasonable. To implement this policy she will advertise that some day of the week there will be a discount.
a. How much should she charge per car wash to the two market segments she has created so contribution is maximized?
b. Has the customers’ surplus increased or decreased? How much has the contribution increased for the car wash owner?
Consider the production function f(x1, x2) = x21 x22 . Does this exhibit constant, increasing, or decreasing returns to scale? Consider the production function f(x1, x2) = 4x121 x132 . Does this exhibit constant, increasing, or decreasing returns to ..
The Commerce Department revised its estimate of real GDP to $3.877 trillion, up from the earlier estimate of $3.835 trillion. Before adjusting for inflation, GDP was $4.603 trillion, up from $4.523 trillion.
What situation gives rise to a surplus?
Countries A and B have two factors of production, capital and labour, with which they produce two goods, X and Y. Technology is the same in both countries. X is capital intensive; A is capital abundant.
The first national bank received 3,000 inquiries following the latest advertisement describing its 30-month IRA accounts in the Boston World, a local newspaper. Assuming that additional ads would generate similar response rates, is the bank running a..
Illustrate what is the probability which at least one of the 5000 funds outperforms the market in 5 consecutive years, 10 consecutive years and 20 consecutive years.
Illustrate what is happening to the U.S. exchange rate when the U.S. nominal exchange rate is unchanged, but prices rise faster abroad in the United States than abroad.
In "Preventing a Brave New World" (pp. 331-343), Leon Kass concludes that reproductive and therapeutic cloning of human embryos is unethical. What are the exact steps in Kass's argument for this conclusion? What is your assessment of the strengths an..
The distribution of family income is preferable than the distribution of household income because. The long-run average-total-cost curve does not connect the minimum points of each of the short-run average-total-cost curves. The long-run average-tota..
In the aggregate expenditures model, if aggregate expenditures exceed real GDP, the economy will:
Suppose there are two consumers of a public good, Barbie (B) and Ken (K). Their demand curves for the good are given by: Graph Barbie’s demand curve. What is the slope? Graph Ken’s demand curve. What is the slope?
The German Consumer Price Index was 121 in 2010, and it was 87 in 1998. If you put aside $8,014 in 1998, then how much would you need in 2010 to buy what you could have bought with the $8,014 in 1998?
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