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1. What would a 10 percent increase in the price of movie tickets mean for the revenue of a movie theater if the price elasticity of demand was, in turn, 0.1, 0.5, 1.0, and 5.0?
2. Suppose the price elasticity of demand for movies by teenagers is 0.2 and that by adults is 2.0. What policy would the movie theater implement to increase total revenue? 5. Explain why senior citizens often obtain special price discounts.
Will revenues increase or decrease in the short and long runs?
A decision maker wishe to minimize the cost of producing a given level of total benefit, B = 288. The cost function is C = 6x + 3y and the total benefit is B = xy. Set up the Lagrangian adn then determine the levels of x and y at the minimum level..
In each of the following, solve the given quadratic equation exactly using the quadratic formula. Write the solutions in its simplest form. Using a calculator, determine all irrational solutions to the nearest thousandth.
To evaluate the two projects, you decide to use the company's weighted average cost of capital (WACC) for the less risky project (12 percent) and the WACC plus two points (14 percent) for the more risky project.
1. During spring break, students have a price demand elasticity for a trip to Florida of 3. The general public has a price demand elasticity 2. Calculate how much an airline charges for student tickets if the price it charges the general public is $..
Assuming no population growth or technological progress, find the steady-state capital stock per worker, output per worker, and consumption per worker as a function of the saving rate and the depreciation rate.What is the per-worker production fun..
The maintenance costs associated with an investment are $0 for the first 8 years and $ 700 per year thereafter. The investment has an infinite life. With interest at 9 % per annum, determine the present worth of the annual disbursements.
A firm in a perfectly competitive market will produce 0 output in the short run if the price in below $20 but will produce if the price is above $20. The smallest quantity they will produce in the short run is 6. The minimum of ATC is $447.75
Explain some of the arguments in support of the use of tariffs, quotas, and other trade barriers in developing countries ? What issues form the basis of the debate between trade optimists and trade pessimists? Explain your answer.
Describe the economic principles that company executives should consider when developing a strategy or strategies that will maximize profits while minimizing incentives for competitors to develop competing products
Why do not Russian workers assert their property rights? Why do not they organize to change the law? Is the problem cultural or political?
At the profit maximizing outputrate, what are the monopolist's average total cost and averagerevenue At the profit maximizing outputrate, what are the monopolist's total cost and total revenue What is the maximum profit
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