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The president of Lebanon Valley College proposed the following tuition program: provide a 50 percent tuition reduction for those graduating in the top 10 percent of their high school class, 33 percent reduction for those in the top 20 percent, and 25 percent reduction for those who finish in the top 30 percent. All scholarship recipients were also required to maintain a minimum GPA. The comptroller estimated that the elasticity of demand for these students was greater than 1.
a) Economics Professor Paul Heise recommended that the president institute the program, arguing that it would increase revenues. What was his argument?
b) Why did the program distinguish among top-performing students?
c) Why didn't the president reduce tuition for all students?
if the cost basis for a macrs 5-year property is $100000 and the equipment is sold for $20000 after 5 years of beneficial use, what will be the depreciation charges the 1st and 5th years and the book value at the end of the 5th year
Marginal Revenue of a Monopolist a. Prove mathematically that marginal revenue is always less than price, P(Q). b. Explain this intuitively as well.You may use a graph to help you. Remember marginal revenue is the money the firm takes in after sell..
Suppose the own price elasticity of market demand for retail gasoline is -0.8, the Rothschild index is 0.7, and a typical gasoline retailer enjoys sales of $1,900,000 annually. What is the price elasticity of demand for a representative gasoline r..
If Boeing's dollar aircraft prices increase 20 percent and the yen/dollar exchange rate declines 15 percent, what effective price increase is facing Japan Air Lines for the purchase of a Boeing 747 Would Boeing's margin likely rise or fall if the ..
Suppose that the Acme Gumball Company has a fixed proportions production function that requires it to use two gumball presses and one worker to produce 1000 gumballs per hour. The cost function is TC = q(2v+w), where q is the output of gumballs per..
Suppose a firm assesses its profit function as: X=profit X= -10-48Q+15Q^2-Q^3 a.) Compute the firm's profit for the output levels of (Q=2, 8, 14) b.) Drive an expression for the marginal profit. c.) Compute marginal profit at Q=2, 8, 14.
A man borrowed 750 dollars from a bank. He agrred to repay the sum at the end of 3 years, together with the interest at 8% per year. How much will he owe the bank at the end of 3 years
the per-unit prices of broccoli (B) and pork rinds (R) equal to $2 and $1 respectively, a consumer George, with an income of $1,000 purchases 400R and 300B. At that point, the consumer's MRSBR = 2R/1B. Does this mean that George would be just as w..
You have decided to go into business producing little wooden statuettes. Your cost function for the statuettes (S) is given by C(S)=40+S+S^2. What is the average cost to product 200 statuettes
to pay for college, you have just taken out a $1000 gov. loan that makes you to pay $126 per year for 25 years. however, you don't have to start making the payment until you graduate from college two years from now.
Ymir Larson farms near Niffleheim, Minnesota. He works 80 hours a week. He can either grow rutabagas or raise pigs. Every hour that he spends growing rutabagas gives him $2 of income this year. Every hour that he spends raising pigs this year will..
Find the Herfindahl index for an industry composed of (a)three firms-one with 70 percent of the market, and the other two with 20 and 10 percent of the market, respectively; (b) one firm with a 50 percent share of the market and 10 other equalsize..
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