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You are organizing a rock concert to benefit Amnesty International. The concert is to be held in a football stadium that has a seating capacity of 56,000. There are two kinds of seating: reserved and general. Demand for these seats is estimated as:
PR = 100-.00125 QR and PG = 60-.00125 QG
Where PR and PG denote ticket prices for reserved and general seating and QR and QG are the number of those seats
All artists and support staff are donating their time, but there is a fixed cost of $100,000.
a) Using the method of the Lagrange multiplier compute the prices that you will charge to so that the profit is maximized and at the same time the stadium will be filled to capacity.
Compute the number of each type of tickets sold, as well as the consequent profit level.
b) Compute the value of the Lagrange multiplier. Describe its economic significance in this case.
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The average 15-year old purchases 12 CDs and 15 cheese pizzas in the typical year. If cheese pizzas are inferior goods, would the average 15-year old be indifferent between receiving the $30 gift certificate at local music store and $30 in cash?
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A company has issued 10-year bonds, with a face value of $1,000,000, in $1,000 units. Interest at 8% is paid quarterly. If an investor desires to earn 12% nominal interest (compounded quarterly) on $10,000 worth of these bonds, what would the pur..
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bullthe table and graph shown below illustrate the demand and supply schedules for television sets in venezuela a small
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a firm in a purely competitive industry has a typical cost structure. the normal rate of profit in the economy is 5
the cost of transporting goods and the price of obtaining information has decreased substantially over the past 100
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