You are the manager of a hamburger joint with a marginal, Ask an Expert

Economics

You are the manager of a hamburger joint with a marginal cost of $6.00 per hamburger. The hamburger joint is a local monopoly near campus. During the day, only students eat at the joint while in the evening only the faculty members eat there. If students have an elasticity of demand for hamburger of -4 and the faculty has an elasticity of demand of -3, what should your pricing strategy be to maximize profits?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91372238

Have any Question?Write your Review or question?

Related Questions in Business Economics

A college has 220 full-time employees that are currently

A college has 220 ?full-time employees that are currently covered under the? school's health care plan. The average? out-of-pocket cost for the employees on the plan is ?$1,940 with a standard deviation of ?$520. The col ...

A soda vendor at aloha stadium noticed that during rainbow

A soda vendor at Aloha Stadium noticed that during Rainbow Warrior football games that more soda is being served the warmer the temperature during game time. Based on 40 home games covering the past 5 years, the vendor e ...

A banks loan officer rates applicants for credit the

A banks loan officer rates applicants for credit. The ratings are normally distributed with a mean of 200 and a standard deviation of 50. If an applicant is randomly selected, find the probability of a rating that is bet ...

Suppose that the demand curve for tickets to see a football

Suppose that the demand curve for tickets to see a football team play a game is given by Q = 80,000 - 40P and marginal cost is zero. The team's stadium can host 75,000 fans. 1) How many tickets would the team sell if it ...

Describe five changes in the vaiables that will cause

Describe five changes in the vaiables that will cause demand for a product to increase, shifting the demand curve to the right?

Inc 409661 2796 pop sample size 400se 5458

INC = 40966.1 + 2.796 POP' sample size = 400 (se) (545.8) (.2796); R2 = .2468 1. Where INC is the income in millions of dollars and POP the population in millions of people. Provide an interpretation of the slope of the ...

Without doing any math or drawing a graph which is bigger

Without doing any math, or drawing a graph, which is bigger, compensating variation or equivalent variation for a tax? Consider an individual with Cobb-Douglas preferences over some good and all other goods. In what sens ...

Can you someone help me highlight the mistakes andor

Can you someone help me highlight the mistakes and/or half-truths in each of the following statements. a. If one looks at the budget incidence the poor in South Africa benefit most from the budget of government. b. Expen ...

There are 100 identical firms in a perfectly competitive

There are 100 identical firms in a perfectly competitive industry. Market demand is given by -200P +8000. If each firm has a marginal cost curve, MC = .4 q + 4. What is the firm's supply curve? What is market supply? Wha ...

A student must answer 6 multiple choice questions for a

A student must answer 6 multiple choice questions for a test, but the student did not study well. There are 6 answers per question, but only one is correct. If the student randomly guesses on each questions, what is the ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert