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- Suppose ABC Corp. spends $200,000 per year on some basic level of advertising, regardless of its revenues. In addition, the company spends 15 percent of each dollar of revenue on extra advertising. Write a mathematical equation that describes the functional relation between advertising (A) and revenue (R). A= (Enter your response as an expression.)In the Disney movie Frozen, the Kingdom of Arendelle changes overnight from a warm, flower filled place to being completely frozen (the story takes place in July). Just after this change in weather, there is a scene where two characters visit a trading post. At the trading post one character (Kristoff) is looking to buy winter transportation equipment and eventually sell some ice. The other character (Anna) is looking to buy some winter clothes. A link to the scene can be found in the module. For this assignment, please show how this change in weather would likely effect the markets for winter transportation equipment, winter clothes, and ice (assume the ice would be used by people who want to cool drinks). Specifically, draw a new supply or demand curve for the products and identify new equilibrium quantity or supply if you think the change in weather would have an impact on any of those measurements. In the clip Kristoff calls Oaken a crook for charging higher prices than he…The movie theater in Glendon has two types of customers: domestic students (group 1) and international students (group 2). At a price of p, cents, the number of movie tickets that domestic students are willing to buy per year is given by: q₁-170-0.7p₁. At a price of p₂ cents, the number of movie tickets that international students are willing to buy per year is given by: q₂-87-0.3p2. The total costs for the movie theater depend on the total number of tickets sold, 9₁+92, and are given by the following total cost function C(q₁+q₂)=(9₁ +9₂) ². Suppose that the movie theater can identify which students are domestic and which students are international, and students are unable to resell movie tickets to each other. This enables the theater to charge different prices to domestic vs international students. How do the cinema's profits change with this new pricing strategy? In other words, how much are the profits with uniform pricing, minus the profits with differentiated pricing?
- An economy with many consumers (Amy, Hao, ...), many producers, two goods (A and B) and two inputs (L and K) is in a competitive general equilibrium. Which of the following conditions are satisfied in this economy? (Select all that apply) The absolute value of the slope of PPF (with good A on the horizontal axis) is equal to MCA / MCB, the ratio of marginal costs of producing goods A and B, at any point on PPF MRSAB = PA / PB for all consumers For every possible redistribution of goods among the consumers, some of them will be better off and some of them will be worse off. MRS = MRT MRS MRTS PA = MCA and PB = MCB MUAmy = MUHao A = PA MRTS = PA / PB MUAmy A = MCA and MUAmy B = MCB MRTS between labour and capital is the same for all firms, whether producing good A or good B. the ratio of input marginal products must be equal to the ratio of input prices MRT = MRTS for all firms, whether producing good A or good B For every possible redistribution of inputs among the firms, the quantity…question 1 Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period?The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $150; the quantity demanded each month is 1000 when the unit price is $120. The suppliers will market 750 espresso makers if the unit price is $50. At a unit price of $80, they are willing to market 3000 units. Both the demand and supply equations are known to be linear. (a) Find the demand equation.p = (b) Find the supply equation.p = (c) Find the equilibrium quantity and the equilibrium price. equilibrium quantity units equilibrium price $
- Assume the price of product A increases from $1 to $1.50, while the price of competing product B increases from $1.50 to $2.00. Based on the information, what we can say about the absolute and relative price differences between the two products and the relative attractiveness of the two products to consumers.The manager of a hockey arena is pricing tickets for an upcoming game. She knows that if she increases the ticket price she will sell fewer tickets. The situation is modelled by the relation, R = -88.9p^2 + 2667p, where R is the total revenue and p is the ticket price, both in dollars. The graph is given.If cars and gas are complements both sold in competitive markets, and the supply of gas falls, then according to a general equilibrium analysis: Group of answer choices The quantity of cars sold will rise The price of cars will fall The price of cars will rise The price of cars will stay the same
- If the demand shifts outward and the supply shifts outward the new equilibrium quantity will be higher, but the direction of the change in the equilibrium price is ambiguous. the new equilibrium price will be higher, but the direction of the change in the quantity is ambiguous. in the new equilibrium, the price will be higher but the quantity will be lower. in the new equilibium, the quantity will be higher but the price will be lower. in the new equilibrium, both price and quantity will be higher.Price & Demand In economic theory, we let z represent the number of items (called demand) a supplier will produce if the price of the item is p. For a particular item, if the price is $10 per item, then the demand is 577 items. However, if the price is raised to $33 per item, then the demand decreases to 393 items. Using this information, find the demand equation as a function of the price p? r(p)Present the three marginal equivalencies that are necessary conditions for a general equilibrium. Use a graph to explain these three marginal equivalencies.
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