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Static Economics A waterpark is the only one in a small town. Based on past summer season’s ticket sales, they estimate that the relationship between the monthly demand D (in persons) and price of a ticket p (in USD/person) in the town is described by p=44-0.0005 D. The waterpark has a monthly fixed cost of 100,000 USD and variable cost of 16 USD per person. What is the revenue-maximizing level of demand? What is the ticket price at this level? What is the profit? What is the profit-maximizing level of demand? What is the ticket price at this level? What is the profit? Compare and comment on the demand, price, and profit levels you found in parts (a) and (b). What is the profitable range of demand? Does this range change if the park has a maximum seating capacity of 40000 people/month? Draw and Excel plot of revenue, cost, and profit versus demand D and depict the locations of the relevant values you found in parts (a), (b), and (d) above.
In discussing the distribution of income among families, the term “lowest fifth” indicates. Which of the following has not been outsourced from the U.S.? Frictional unemployment is caused primarily by automation. Unemployment caused by an imbalance b..
how to deal with the question of working capital - use of excess production facilities and building space?
Edwards Manufacturing Company purchases two component parts from three different suppliers. The suppliers have limited capacity, and no one supplier can meet all the company’s needs. In addition, the suppliers charge different prices for the componen..
q1. michael porter mentions two strategy options for competing the differentiation approach and the cost leadership
crew brew of wisconsin plans to build a microbrewery on a small stream in that state. after sampling water from the
Levi’s has an advertising slogan: “Quality never goes out of style.” Consumers can buy other kinds of jeans, including off-brands. The manufacturers of off-brand, or generic, jeans do not advertise. Create a graph showing the price (labeled as P1) th..
John opens a savings account by depositing $5000. The account pays 2% simple interest. After 3 years, John makes another deposit, this time for $6000. What will be the amount in the account when John withdraws the money 7 years after the first deposi..
The following are hypothetical data for the U.S. balance of payments. Use the data to calculate each of the following:
Describe an example of a person who is taking advantage of resources, and another example of a person who is not taking advnatage of resources. Discuss the positive and negative consequences of taking advantage of resources.
Card and Krueger's paper (AER 1994, "Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania") uses a difference-in-difference identification strategy to identify the causal effect of a minimum wage increas..
Two firms, A and B, have complete control of the supply of mineral water and both have zero costs. The market (inverse) demand function is given by: P = 200 – 10Q, where Q = qA (output of seller A) + qB (output of seller B). Their best reply function..
De Beers is a monopolist which supplies diamonds with constant marginal cost and constant average total cost. Draw the average cost, marginal cost, demand and marginal revenue curves. Show the price charged by De Beers without price discrimination. U..
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