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A restaurant that goes by the name Big Bill's Cafe is contemplating a T-shirt advertising promotion. Monthly sales data from T-shirt shops indicate the demand curve for the T-shirts can be described
Just prior to signing the contract, a manager reads that one of TRW's competitors has introduced a comparable airbag using a new technology that reduces the cost by 30%. How would this information a
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the fo
In a bulding construction project, 7,500 feet of insulated ductwork is required. The duckwork is made from 14-gauge steel costing $8.50 per pound. The 24-inch-diameter duct weights 15 pounds per foo
Suppose the stock of capital and the workforce are both increasing at 3 percent annually in the country of Wholand. At the same time, real output is growing at 6 percent. How is that possible in the
A New Hampshire resort offers year round activities: in winter, skiing and other cold weather activities and in summer, golf, tennis, and hiking. The resort's operating charges are essentially the s
Suppose "miles driven" is expected to fall by 2% and new auto sales to fall by 13% (due to forecast recession). What is the predicted change in the sales quantity of tires If actual tire sales dropp
suppose the airline is offered $4,000.00 per week to haul freight along the route for a local firm. This will mean replacing one of the weekly passenger flights with a freight flight (at the same op
currently fans pay ave ticket price $5 and consumes $4 worth of refreshments at the game. Management thinking of raising the ticket price to $5.50. Compute the % in 1) tickets sold 2) ticket revenue
An investor is interested in purchasing a new 20-year government bond carrying a 10 percent annual coupon rate with interest paid twice a year. The bond's current market price is $875 for a $1,000 p
Analysts at the Fleetfeet Corporation estimate a demand function for its athletic shoe line to be: Qf = 5 - 2.4*Pf + 0.7*A + 0.002*I + 0.8*Ps Where Qf = the quantity of shoes sold, Pf = the own price
The accompanying table illustrates the marginal benefit to Sian per year of education and the marginal cost per year of education. Each year of education has a marginal external benefit to society e
In the following year, your friend asks for your help again. All of the data remain the same; however your friend finds that she is no longer profitable in the spring, summer, or fall months. What a
A study of long distance phone calls made from the corporate offices of Pepsi Bottling Group, Inc., in Somers, New York, revealed the length of the calls, in minutes, follows the normal probability
According to a recent survey, 50% of all customers will return to the same grocery store. Suppose nine customers are selected at random, what is the probability that: (a) Exactly five of the custome
An internal study by the Technology Services department at Lahey Electronics revealed company employees receive an average of four e-mails per hour. Assume the arrival of these e-mails is approximat
Each salesperson in a large department store chain is rated on their sales ability and their potential for advancement. The data for the 500 sampled salespeople are summarized in the table below: Sa
suppose you work for an original equipment manufacturer (OEM) who makes component pieces for a telecommunication company. The telecom company asks you for a price quote for 2,000,000 units that will
You have just borrowed $20,000 to buy a new car. This loan agreement calls for 60 monthly payments of $444.89 each to begin one month from today. If interest is compounded monthly, then what is the
Suppose that a perfectly competitive firm faces a market price (P) $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at a
Desmond is attending university as a full time student this year. Desmond therefore had to give up his full time job in which he earned $25,000 per year. He also had to move away from his parents' h
Education is an example of a positive externality: acquiring more education benefits the individual student and having a more highly educated work force is good for the economy as a whole.
Suppose you are a consultant for a firm that is perfectly competitive. The firm is worried only about its policies in the short run. What would you recommend in terms of quantity changes (raise, cut
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by abou
According to a recent study, kids aged 12 to 17 watched an average of 3 hours of television per day. Suppose that the standard deviation is 1 hour and that the distribution of the time watching tele