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Utility & Demand

Wages, households, and childcare

Please see the attachment. I require very specific explanations for each part. If necessary, assumptions may be made but please make these explicit and make sure they are reasonable so that I can follow what you did. You can assume a utility function as long as its justified. 1. Assume the production of childcare for e

Important information about Economics of internet

Please read the following problem. I only need the answer for question G. 1. You have estimated demand for the Sand Hill Journal Online to be different for Stanford students and venture capitalists on Sand Hill Road. You are proud of having come up with the demand functions and go in to visit with your CEO. You present the

Pricing Mini Case

Times have been rough at ShtinkerToy, Inc. Yesterday was the first anniversary of its launch of its newest toy, "Thing-a-ma-bobber." It has been selling well, as predicted, but at a net loss, which was not predicted. As the newly hired vp of sales for ShtinkerToy, you were just emailed that you need to have a brief report (

Consumer behavior, income and substitution effects, Cost function

1. A student buys five new college textbooks during his first year at school at a cost of $80 each. Used books cost only $50 each. When the bookstore announces that there will be a 10% increase in the price of new books and a 5% increase in the prize of used books, the student's father offers him $40 extra. a. What happens to

Corrections Maximum Price for Gasoline

Problem 1. Part A: A firm with "market power" is operating two plants and selling its product in two markets. The demand and cost configurations it faces are: Demand: Costs: Market 1: P = 484 - 20Q1 Plant 1: TC1 = 961 - 10 Q1 + Q12 Market 2: P = 484 - 5Q2 Plant 2: TC2 = 324 - 10 Q2 +3Q22 O

Price and Quantity - DVD Players

What do you think will happen to the price and quantity of DVD players if a. The availability of good movies to play on DVD players increases? b. Personal income increases? c. The price of inputs used to produce DVD players decreases? d. Ticket prices at local movie theaters decline substantially?

Characterize law of demand

Please help with the following problem. Provide at least 300 words in the solution. Explain the law of demand. Why does a demand curve slope downwards? Distinguish between a change in demand and a change in quantity demanded.

Demand Turkey Expert Advice

Thanksgiving is approaching. It's a holiday in the US where lots of turkey dinners take place. Al's market is contemplating their turkey order for the holiday. Al feels that because of a recent rise in patriotism, that this may be a very high demand turkey year. He believes that there's a 75% chance he could sell 200 turkeys