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Microeconomics

Derive total revenue, average revenue, plot graph

Given the following total-revenue function: TR = 9Q - Q² (a) Derive the total-revenue, average-revenue, and marginal-revenue schedules from Q = 0 to Q = 6 by 1s (b) On the same set of axes, plot the total-revenue, the average-revenue, and the marginal-revenue schedules of part (a) (c) With reference to your figu

Price as a function of Quantity

A park has a capacity to hold 60,000 people on any particular day. Using third degree price discrimination - demand for 2 groups (boys & girls) is: Q /6000 + P = 8 Q / 6000 + P = 6 b b g g The hint provided is: Marginal Revenue in the two markets

Multiple Choice Economics

The constant or intercept term in a statistical demand study represents the quantity demanded when all independent variables are equal to: a. 1.0 b. their minimum values c. their average values d. 0.0 e. none of the above

Multiple Choice Economics

Marginal revenue (MR) is ____________ when total revenue is maximized. a. greater than one b. equal to one c. less than zero d. equal to zero e. equal to minus one

How much tax of each type do you pay if you earn $20,000 a year?

TABLE 3 ON TAXABLE INCOME......... THE TAX RATE IS........ UP TO $27,050 15.0% FROM $27,050 TO 65,550 27.5 FROM $65,550 TO 136,750 30.5 FROM $136,750 TO 297,350 35.5 OVER $297,350 39.1 Suppose you are a typical person in the U.S. economy. You pay 4 percent of your income in state income tax and 15.3 percent of your l

Competition quote

Is about Competition In the Woody Allen film Radio Days, a character who has never been successful in business decides to start a career engraving gold jewelry. He argues that this should be especially lucrative, because the engraver gets to keep the gold dust from other people's jewelry. Comment.

price-cost markup

A. What price-cost markup is implied by a firm' elasticity of demand equal to -3.0? B. A "loss leader" is often defined as a product which is sold below incremental cost in order to build traffic to a store (whether physical or online). How would you reconcile the use of loss leaders with the markup rule you used in p

Dynamic Pricing Explanation

Select a company that uses (or has used) dynamic pricing. Briefly explain how the company uses dynamic pricing. What are the benefits and drawbacks of dynamic pricing for a particular company?

Microeconomics -- marginal social costs (pollution problem)

#2) The marginal social costs and abatement costs of a certain type of air pollution for a factory are given as: MSC = -1121 + 22.5Q MCA = 879 - 17.5Q Q = units of pollution per day, and MSC and MCA are measured in dollars. The Factory is located in a small town that is currently considering how to address the pollution

Multiplier

Calulate the multiplier for the following cases MPS=0.25 MPC=5/6 MPS=0.125 MPC=6/7 C=$200=0.85y

Pricing question

Some tennis clubs charge an up-front fee to join and a per-hour charge for court time. Others do not charge a membership fee but charge a higher per-hour fee for court time. Consider clubs in two different locations. One is located in a suburban area where the residents tend to be of similar age, income, and occupation. Whic

Marginal Revenue - Marginal Cost

If a firm finds out that its MR is greater than its MC, it should: a) increase production and sales B0 decrease production and sales c) encourage the entry of other firms into the market d) keep raising its selling price until MR =MC. E) change nothing because profits are maximized.

Production-possibility frontier

8. Which one of the following must be held constant in drawing up a production-possibility frontier? A) The total resources. B) The quantity of money. C) Money income. D) Prices. E) The allocation of resources among alternate uses.

Microeconomics: Risk Aversion

** Please see the attached file for fully formatted problem description ** --- Define Risk Aversion. Consider a risk-averse von Neumann-Morgenstern individual having wealth w who must decide whether to accept or decline a simple gamble offering a chance of winning or losing a small amount of wealth h with probabilities p an

Boundaries of firms.

23. How do you expect the boundaries of firms doing business in developing countries to change, as these countries continue to grow and prosper? [hint: how will the demand for specific assets change in these countries?]