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The owner of the sole stage-theatre in the city of Vordervilla has found through experience that the cost of running his 600-seat theatre remains virtually the same irrespective of whether there is a 'full house' or not.
The owner wishes to maximise his profits and has estimated that the demand curve of adults for the theatre can be represented by the function QA = 1000 - 50P, whereas the demand curve of children is given by QC = 600 - 50P.
Assume that the owner chooses not to price discrimination and must therefore sell all tickets at the same single price. What will that price be per ticket? What will be the ratio of adults to children attending the theatre?
Let {(y i ; x i ); 1 ≤ i ≤ n} be an i.i.d sequence of random variables where yi and xi satisfy the linear relationship y i = β 0 + β 1 x i + ∈ i with Cov(x i ; ∈ i ) = 0
Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North K
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Why is investment so important in an economy? Define investment as an enhance in capital stock and link this to broad macro issues; future output, enhance in living standards, ta
Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4 1. Suppose that the
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In this section, we ask you to write down a simple, formal, mathematical model. A small number of points will be awarded for an intuitive discussion of the problem, but most of the
Ask questMicroeconomics Reference No.:- #Minimum 100 words accepted#
Suppose scientists discover that eating soybeans prevents cancer and heart disease
1). Define and explain the concept of an externality. Provide examples of both positive and a negative externality. 2). The Prisoner's Dilemma Exercise:
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