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Smart University of Lafayette Indiana is a C.E.D. division of Smart University located in Gary Indiana. SU's goal is to maximize profits.. SU is currently maximizing the profit at SU of Lafayette by charging the profit-maximizing tuition rate. Things have changed at SU of Lafayette. The rent of the building in which they offer classes has changed. The rent, a fixed cost, has increased. In response to the rise in rent the Dean of the Science department has suggested that they raise the price students pay for tuition at SU of Lafayette. The Dean argues to continue maximizing profits they should raise their tuition rate to recover some of the increase in rent. After all he argues our costs have risen and we should raise our tuition. You, the janitor, over hear the Dean's argument and decide to speak out. Would you support or oppose the tuition increase and why?
Assume buyers in the used car market are willing to pay $3,500 for a plum used car and $1,500 for a lemon used car. If buyers believe that thirty percent of the used cars.
Determine how the following situations will affect the demand curve for ipods.
Determine how a policy will change social welfare, changes in individual utility for high-income individuals are weighted more heavily.
Find the comparative statics for an increase in the sales tax, namely y^s/s and p^s/s , and provide an economic interpretation of them. What is the economic interpretation of an increase in the parameter a? You might want to plot the demand functi..
Given the following total-revenue function tr=9q-q2 (a) derive the total-, average-, and marginal- revenue schedules from q=0 to q= 6 by 1's
Is the firm minimizing costs? If not, what steps should it take to lower costs and still produce the same level of output?Is the firm minimizing costs? If not, what steps should it take to lower costs and still produce the same level of out..
Describe how the market for corn would be influenced if ethanol, a corn derivative was used to fuel cars in US. How would market be influenced if a new technology caused corn farming to be more efficient?
Five Companies sell pez candy and differentiate in terms of customer service and flavors
Where x is measured on the horizontal axis and y is on the vertical axis. How would you figure out what the indifference curve consists of?
Suppose consumers' income is $50,000 and the price of satellite TV service is $90. At what price would the demand for cable TV services be 55,000 households?
Public utilities such as electricity are referred to as natural monopolies and are often subject to regulation by a state authority
Assuming the industry is perfectly competitive, calculate the domestic equilibrium price and output combination and Is the outcome in part B desirable from society's viewpoint
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