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You’re the manager for a college football team. Assume you own the stadium and the variable cost per attendant is $0. You’ve been told by your in-house economist that you should set the price of tickets at $50 to maximize profit (at current, you set one price). Your football coach is really pushing to sell out the game. 1. Under what condition will profit maximization also result in a sold out game? Under what condition will profit maximization not result in a sold out game? (Solving mathematically and drawing a figure would be helpful). 2. If the game is not sold out at the profit maximizing price, what strategy could the team employ that would result in a lower deadweight loss?
q1. by now weve all had the opportunity to read the entire text book and understand how free markets i.e. capitalism
Suppose the real interest rate is 4% and the expected inflation rate is 3%. If the money supply increases by 10% and output, the real interest rate, and the expected inflation rate are unchanged, then the price level increases by
Explain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down, as the case may be. How do fixed costs play a role in your analysis? What is the difference between shutting ..
Ranking everyone by the amount spent on medical care, 30 percent of the total (all expenditures for all people) is accounted for by the top 1 percent of patients. Take the overall average per capita personal health expenditure and determine how much ..
In the Keynesian framework, which of the following event might cause a recession? Which might cause inflation? Sketch AD/AS diagrams to illustrate your answers. 1-2) Rapid growth in the economy of a major trading partner.
Producer surplus is the...
In 2004, a Massachusetts woman won 5.6 million dollars in the lottery, which would have paid her an initial gross payment of $283,770 and 19 more yearly payments of $280,000. Instead she sued the lottery commission for a lump-sum payment. How much mo..
What institutions explain why workers in some countries have more capital than workers in other countries?
How much profit does each firm make? Suppose Firm 2 produced 10 units of output. How much output should Firm 1 produce in order to maximize profit?
If a high per-bag fee were charged for garbage collection, how would consumers respond? What can cities do to reduce the amount of garbage that goes into landfills?
At the current price level, would it be viable for the firm to increase the price level of its brand of coffee. Support your answer.
Suppose the money supply is currently $400, all in the hands of individuals, and apples cost $1 apiece. How many apples can those individuals buy with the money in their pockets? (This is an incredibly easy question.) Suppose the Federal Reserve prin..
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