Refer to the table below. What is the profit-maximizing price for Gorgeous Sands Resort to charge during the peak period?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) $7,000
B) $7,800
C) $8,000
D) $10,000
A) $7,000
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Which of the following is concerned with social regulation?
A) Federal Reserve Board B) Sherman Commission C) Food and Drug Administration D) Board of Education
Suppose there is only one producer of frames, a necessary component in manufacturing computer monitors. Because of the threat of entry, this firm charges its customers a price equal to average cost. One reason that a producer of computer monitors may make rather than buy frames is
a. the frame supplier may be unreliable b. the total cost of the components of frames is the same as the price of frames purchased in the market c. the frame manufacturer has no incentive to make high-quality frames d. managers at the computer monitor firm place a high value on their time e. the frame manufacturer will soon go out of business because firms do not produce goods for the market that can be made in-house
The goal of utilitarians is to
a. apply the logic of individual decision making to questions concerning morality and public policy. b. measure happiness and satisfaction. c. redistribute income based on the assumption of increasing marginal utility. d. All of the above are correct.
In Graph A, if the price of computers changes from Point B to Point A, what type of change will happen in Graph B?
a. a shift down
b. a shift up
c. a shift to the right
d. a shift to the left