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You have a free ticket to see Lady Gaga in concert, this ticket having no resale value. Pink is performing on the same night, which is your second-best alternative. The Pink ticket costs $180, and on any given day you would be willing to pay up to $190 to see Pink.
Assume there are no other costs of seeing either performer.
a. Assuming you could not get the Pink ticket for free what is your opportunity cost of your seeing Lady Gaga?
Boston based gas station owner set highest gasoline values in the country. During that summer, he charged $1.69 per gallon for unleaded gas during the daytime and $2.59 each gallon at night
Ongoing United States struggles in Iraq and Afghanistan, political unrest in South America, and civil wars in Africa have driven crude oil values up for the last many years.
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
Use Starbucks as the company, please help identify market structure of the organization. Evaluate the effectiveness of this structure for the company.
What is the machine's payback period? Compute net present value of machine if the cost of capital is 12%. Find out the expected internal rate of return for this machine?
Compute the mean and standard deviation of the damage in any year and determine the expected value of X, E(X), and expected value of Y, E(Y).
Compute the best response function of each firm in terms of prices. Compute the resulting equilibrium price quantity combination for each firm. Describe your answer with a suitable graph. Also calculate optimal profits of each firm.
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
Describe the likely effects on the total welfare (surplus) of society of the status quo, i.e., do nothing and let the market decide.
A $2.50 decrease in the price of the $17 salmon entrée increased sales from 40 to 75 meals per week. Which entree should he choose to put on sale?
What are the four major types of markets in microeconomic analysis and what are the key characteristics that distinguish these markets?
A New Hampshire resort offers year-round activities: in winter, skiing and other activities to be cold; and in summer, golf, tennis and hiking. The costs of running resort are essentially the same in winter and summer.
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