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The Portland Sea Dogs, the AA affliate of the Boston Red Sox major league baseball team, have enjoyed a surge in popularity. During a recent home stand, suppose the club offered $5 of the $12 regular price of reserved seats, and sales spurted from 3200 to 5200 tickets per game.A. Derive the funcion that describes the price-output relation with price expressed as a function of quantity (tickets sold). Also express tickets sold as a function of price.B. Use the information derived in part A to calculate total revenues at prices in $1 increments from $5 to $15 per ticket. What is the revenue-maximizing ticket price? If variable costs are negligible, is this amount also the profit-maximizing ticket price?
Consider a monopoly where the market demand is given by P = 170-2.5Q. The monopoly is facing the following costs: MC = 20, and TC = 20Q + 1,250. a) What is the marginal revenue of the monopolist What is the condition for profit maximization in mono..
This answer give vital hints on why the Federal Reserve establish general and specific rates of interest. This explains the recent tools the Federal Reserve has used to influence the United States economy.
An economic bad is something you don't want to consume, i.e. less bad is better. Define an economic bad mathematically and name one economic bad in reality. Suppose you had to consume a certain amount of a given economic bad but could pay to get r..
Suppose that the price of salt rises from 15 cents to 17 cents a kilogram. The quantity demanded decreases from 525 kilograms to 475 kilograms per month, and the quantity supplied increases from 525 kilograms to 600 kilograms per month.
Consider the following preliminary data from 2008: ($ in billions) GDP $14264.60 Factor Payments from Abroad $798.30 Factor Payments to Abroad $665.10 Consumption of Fixed Capital $1832.30 Indirest Business Taxes $1118.90 Corporate Profits and Relat..
If the demand curve for the Kansas City Chiefs' tickets was Q= 500,000 - 200p and their marginal cost=0, then,a. How many tickets would the team be able to sell (ignoring capacity constraints) if it behaved as if it were in a competitive market? M..
Suppose the store's loading dock faces the entrance of a campus building and the discarded boxes and paper (till they are cleaned out at a particular time of the day) generates a negative externality on the students. The marginal cost due to exter..
A profit-maximizing firm is producing where MR=MC and has an average total cost of $4, but it gets a price of $3 for each good it sells. b) What would you advise the firm to do if you knew the average variable costs where $3.50
Mexico Taiwan Canada Hourly wage rate $1.50 $3.00 $6.00 Output per person 10 18 20 Fixed overhead cost $150,000 $90,000 $110,000 a. Given these figures, is the firm currently allocating its production resources optimally
Suppose the number of employed people in an economy is 121,166,640. The unemployment rate in this economy is 10.4 percent, or .104, and the labor force participation rate is 72.5 percent, or .725.What is the size of the labor force
How do you calculate price elasticity of demand If 50 Units of a good are demanded at a price of $1 per unit. A reduction in price to $0.20 results in an increase in quantity demand to 70 Units. Show that these data yield a price elastity of $0.2..
A woman managing a photocopy establishment for $25,000 per year decides to open her own duplicating place. Her revenue during the first year of operation is $120,000, and her expenses are as follows: Salaries- $45,000, Supplies $15,000, Rent- $10,..
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