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You own a franchise of rental car agencies in Florida. You recently read a report indicating that about 80 percent of all tourists visit Florida during the winter months in any given year, and that 60 percent of all tourists traveling to Florida by air rent automobiles. Travelers not planning ahead often have great difficulty finding rental cars due to high demand. However, during non-winter months tourism drops dramatically, and travelers have no problem securing rental car reservations. Peak-load pricing is a kind of price discrimination to make additional profits by capturing consumer surplus.
Which months between the peak months and the off-peak months do you think the price elasticity of demand is more elastic? Why?
A recession? How would your decision change if your firm's plant and equipment needed to be replaced? What if plant and equipment were new?
Construct the market demand schedule. What are the maximum price that Ann, Beth, and Cy are willing to pay to travel 20 miles? Why? What is the marginal social benefit when the total distance travelled is 60 miles? What is the marginal private benefi..
Estimate the regression coefficients using ordinary least squares also interpret them. Predict the weekly sales for a store with 10 feet of shelf space situated at the back of the aisle.
Derive the indirect cost and the indirect profit function associated with the two factor Cobb-Douglas Production function. Explain the role of Lemmas in your derivation and why are they needed in modeling work.
Write about the problem or issue as if you are explaining it to someone who has never taken an economics class. Be sure to explain the key concepts and terminology of both microeconomics and macroeconomics.
Within the next year? Over the long term. Elucidate what resources does he have at his disposal to enhance the reputation of the firm and turn it round.
Discuss how changes in household disposable income, housing and stock wealth, and debt-generated movements along and shifts in the U.S. saving function. Explain these effects, assuming other things were equal.
If an employee is performing below standards managers need to explain what needs to be done to improve performance, and then give the employee specific tasks and timelines to do this. Often this is done with an action plan. Do a little research and t..
the set of efficient trades these individuals would rationally make. One of the points on the set of efficient trades you illustrated in your diagram will be a competitive equilibrium.
You read a story in the newspaper about the "economies of mass production."
Suppose that the State of Connecticut decides to subsidize the cost of purchasing a treadmill for cardiac patients, as prescribed by their doctors. Prior to the program, the equilibrium price of treadmills was $800, and the equilibrium quantity purch..
Illustrate what is the minimum price necessary for this firm to produce any output in the short run.
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