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Take me out to the ballpark. It's nearly baseball time and baseball franchises are thinking about pricing their products. Assume a team sells three concessions: hotdogs, soda and nachos. For hotdogs, the average fan's MU for units 1, 2, and 3 is 150, 125, and 80 utils. For soda, MU for units 1, 2, and 3 is 130, 100 and 60. For nachos, it's 140, 120 and 100. The average fan spends $25 per night on concessions. Hotdogs cost $5, nachos $4 and sodas $3.
A) what is the composition of the average fan's spending?
B) how would this spending pattern change if hotdog prices rose to $5.25 and sodas fell to $2.50?
Suppose Mary earns $13 an hour installing transistorized digital chips in electronic calculators. If you were unemployed, would you offer to work for $8 an hour to get the job Why might a profit-maximizing employer turn down your generous offer
Firm 1 has a single retail location at the left hand extreme point of a mile-long Main Street while firm 2 is located at the right hand extreme. There are 100 consumers who are evenly distributed over this market. The value of the product sold is ..
Production engineers at Sinotron believe that a modified layout on its assembly lines might increase average productivity (measured in the number of untis produced per hour). However, before the engineers are ready to install the revised layout o..
The United States, at the point where it is currently producing, must give up the production of 300 motorcycles to produce 15 additional SUVs with the same resources. Which of the following is the opportunity cost of producing 100 motorcycles
Economist in Funlandia, a closed economy, have collected the following information about the econonmy for a particular year. Y= 10,000 C= 6,000 T=1,500 G= 1,700 The economists also estimate that the investment function is
Given the following Demand and Supply functions answer questions a thru d. Qd=120-2P+5I Qs=-10+4P-3W where P=$3 is the price of the good. I=$100 per capital consumer income W= $50 wage rate a. Derive the demand and supply curves (qd and qs).
Assuming the cost curves have the usual shape, is the dollar difference between the average total cost and the average variabe cost greater when the output is 10,000 tennis balls or when the output is 30,000 tennis balls
Many factors influence a plant's uptake of boron from the soil, but one key factor is soil type. One experiment† compared plant content C of boron, in parts per million, with the amount B, in parts per million, of water-soluble boron in the soil.
According to the United States informationfor 1965-IQ to 1983-IQ (n=76), James and Adibi obtained the folowwing regression to explain personal consumption expenditure in the United States
Graphically demonstrate the production possibilities frontier for nation of Stromboli, using information given in the following table.
Assume that a person's utility function is U(x,y)=x^2y^2 (yielding MRS=y/x) The price of X is $2 and the price of y is $5. Income is $100. What is the optimal choice? If a quantity tax of $0.50 is placed on good x, what is the new optimal choice
At a student café, there are equal numbers of two types of customers with the following values. The café owner cannot distinguish between the two types of students because many students without early classes arrive early anyway (i.e., she cannot p..
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