Based on this information, what can you conclude about the price elasticity of demand for those specific four tickets? What would this demand curve look like?
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Assume you have 4 tickets to an 8pm Taylor Swift concert at Lincoln Financial Field. As you approach the gate, you learn your hot water heater broke and you need to return to your house right away. On your way back to your car, you see four people wearing Taylor Swift tee shirts in the parking lot and you offer them your tickets for $100 per ticket. These people look at their watches, see that it is 7:45, and then tell you they will pay you $40 per seat and not a nickel more. Based on this information, what can you conclude about the price elasticity of
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- 1. Kim owns a Porsche and a Toyota. The Porsche has a fuel economy of 15 miles per gallon (mpg) and she plans to drive it 3,000 miles this year. The Toyota gets 30 miles per gallon and she plans to drive it 15,000 miles this year. Suppose Kim can install a device that improves the fuel economy of any vehicle by 5 miles per gallon. However, she only has one of the devices. Which vehicle should she install it on if her goal is to minimize fuel consumption this year? Assume that the device does not hamper vehicle performance in any way.Automobile repair shops typically recommend that their customers change their oil and oil filter every 3000 miles. Your automobile user’s manual suggests changing your oil every 5000-7000 miles.If you drive your car 15,000 miles each year and an oil and filter change costs $30, how much money would you save each year if you had this service performed every 5,000 miles.A college student spends $10 each day eating a burrito. If they had made a burrito each day in their apartment, they could have saved $7 or about $10,000 by the time they graduated. This is an example of
- Automobile repair shops typically recom- mend that their customers change their oil and oil filter every 4,000 miles. Your automobile user's manual suggests changing your oil every 6,500–8,500 miles. If drive you your car 52,000 miles each year and an oil and filter change costs $31, how much money would you save each year if you had this service performed every 6,500 miles?Lane and Riley are the only two residents in a neighborhood, and they share the same driveway. They would like to have the driveway paved. The value of the paved driveway is $1,500 to Lane and $900 to Riley. Regardless of who pays for the paving both people will benefit from it. If the cost of paving the driveway is $2,000 and Lane proposes that they each pay 50 percent of this cost, then Riley ______ agree to Lane’s proposal because ______. A. will; repaving the driveway would increase total economic surplus B. will not; repaving the driveway would lower total economic surplus C. will; if they split the cost, then Riley’s economic surplus would increase D. will not; if they split the cost, then Riley’s economic surplus would decreaseStan Moneymaker needs 15 gallons of gasoline to top off his automobile’s gas tank. If he drives an extra eight miles (round trip) to a gas station on the outskirts of town, Stan can save $0.10 per gallon on the price of gasoline. Suppose gasoline costs $3.90 per gallon and Stan’s car gets 25 mpg for in-town driving. Should Stan make the trip to get less expensive gasoline? Each mile that Stan drives creates one pound of carbon dioxide. Each pound of CO2 has a cost impact of $0.02 on the environment. What other factors (cost and otherwise) should Stan consider in his decision making?
- ave $60 and your sister has $120. You are saving $14 per week and your sister is saving $10 per week. How long will it be before you and your sister have the same amount of money? What amount would you have the same?Gary Watson, a graduating business student at a small college, is currently interviewing for a job. Gary was invited by both Tilly Manufacturing Co. and Watson Supply Company to travel to a nearby city for an interview. Both companies have offered to pay Gary’s expenses. His total expenses for the trip were $96 for mileage on his car and $45 for meals. As he prepares the letters requesting reimbursement, he is considering asking for the total amount of the expenses from both employers. His rationale is that if he had taken separate trips, each employer would have had to pay that amount. How are the other students and professors at the college potentiall affected by Gary's decision? Why is the correct thing to do? What should Gary do if both companies sent a check to cover expenses without sneding a request for the reimbursment?Jack and Diane work at a bakery. Jack can make either five batches of cookies or two cakes per hour, while Diane can make either four batches of cookies or three cakes per hour. At 9:00 a.m. they receive an order for 24 batches of cookies and nine cakes. What time is the soonest they can have the order ready?
- Luis and his best friend Faith want to spend as much time as possible at the local amusement park this summer, so they’re going to buy season passes. The passes are normally $120 each, but for three days only, they’re on sale: Buy one, get one half off. Luis agrees to wait in line to buy them the season passes, and they’ll split the cost evenly. How much will Faith owe Luis?. The price of a car you want is $35,000 today. Its price is expected to increase by $1000 each year.You now have $21,000 in an investment account, which is earning 7% per year. How many yearswill it be before you have enough to buy the car without borrowing any money? (Use Goal Seek todetermine the time taken.)Answer is near about 7 , please show your work how to solve this ( Thanks in advance)