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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.
Learning curve implies: 1) The requirement of labor falls per unit. 2) Costs will be high at 1 st and then will fall with learning. 3) After eight years the labor requ
Distinguish between the terms of trade and the balance of trade. Basic explanation of the terms of trade as the average price of exports in relation to the average price of imp
using necessary and sufficient condition explain consumer surplus diagrammically and mathematically?
Nucleic acids perform two important functions 1. Replication: It is the property of biomolecules to synthesise exact copy of it. DNA has this unique property of duplicating it
Hotel rooms go for $100/room and sell 1000/day; if taxed at $10/room and rate goes to $108 and 900 rooms are sold, what''s the tax revenue and dead weight loss?
Question: Product differentiation and entry/exit Two differentiated goods, apples and oranges, are located at the two extremes of a linear product space (a segment of length 1)
differance between capitalism and socialism
Money: Broadly speaking, money is anything which can be used as a means of payment (for instance, to settle a debt). It includes bank deposits, actual currency, credit cards and li
fundamental problems
use a graphical illustration to briefly describe what the influence of an increase in immigrants would be on the market supply of labour
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