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The Bushman Cinema is the only movie theatre located in the medium-size country town of Sleepy Hollow. The owner wants to charge an admission fee of $10 per seat and past experience suggests that at this price the theatre will be two-thirds full. An economist visiting the town tells the owner that he thinks demand is linear (represented by a straight-line) and that the elasticity of demand is -0.78. Should the owner raise the price, lower the price or leave it unchanged if she wants to maximise revenue? Give reasons for your answer.
Consider a market that is served by a single-price monopolist with marginal cost given by MC = $100 + Q. The market demand is given by P = $800 – 3Q. Determine the following: the f
what do you understand by production posibility curve?
law of diminishing marginal returns does not hold then output of the world can be produced in a flower pot. Explain?
Ask quAsk qIf the supply and demand curves for labor are represented by the following equations: Wd= -- (1/100)Ld + 30 Ws= (1/200)Ls Ws=Wd Ld=Ld a. Graph the results and show the
a) Explain the perverse incentive. b) What makes the incentive perverse? c) How could the incentive makers better the incentive?
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Direct and Indirect Benefits Life time earnings of an educated person is an instance of direct benefit from education. Skills produced in training or extension programmes in a
What are the two types of government cash transfer programs in the U.S., used to help households achieve income security? Provide examples of each. The two kinds of government
Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res
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