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If you were to eliminate your entrance fee (i.e., charge $0 per visit), how many times a year would your average enthusiast come to your museum? What would their consumer surplus be?
Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $546.83 at the end of each month over years..
Suppose that you are available for work but have not looked for a job for at least the last four weeks because you believe that no jobs are available. If you are available for work and have looked for a job at some point during the previous twelve mo..
What are some fiscal policy recommendations being recommended by current leadership.
What rate of output maximizes profits? What is MR at the rate of output? What is price? If output is increased beyond that point, what is the relationship of MC to MR? How will this affect total profits?
Discuss Soutwest Delta airlines merger and describe the competitive environment within the industry. Is there a dominant firm.
Consider a first-price sealed-bid auction with three players: Betsy (B), Daniel (D) and Michael (M). Their valuations are vB = 100, vD = 90, and vM = 30, respectively. If their bids are bB = 90, bD = 30, and bM = 0, respectively, show that this NOT a..
Find the equilibrium price (P), quantity (Q), and revenue in a market characterized by the following equations:
Morrie is a carpenter who needs to purchase a new electric drill. He visits Vito’s Tool and Hardware Warehouse and looks at the range of electric drills on display on the shelves. On a table are boxes of electric drills with a sign that says “The Sch..
Mary's utility function is: U = ?x (cube route of x). She is faced with a lottery where she has a 50 percent chance of winning $8 and 50 percent chance of winning $64. What is the expected value of the lottery? What is Mary's expected utility? Why ar..
In the town of Inksville, Tats for Tots (i.e., TFT) is the only tattoo parlor dedicated to the under-18 age group. Being a monopolist, TFT hires you to advise it on the best price and quantity of tattoos to sell each month. Determine the values of P ..
Analyze the differences and similarities among firms for two different market structures: Monopoly and Monopolistic Competition. Clearly demonstrate how both types of firms determine the quantity (Q) to produce that maximizes profit.
Which of the following shifts the short-run, but not the long-run, aggregate supply right?
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