4 econ. questions...

Just answers the questions below using some economic concepts. 1.) Find a real world example depicting price elasticity of demand. Be sure to explain how the concept of price elasticity demand would impact the seller's revenues should the seller choose to raise the price of the product. Please do not use the example for the questions below, use something else. 2.) Please give comment and what you think??? An example of price elasticity of demand would be parking fees. I work Monday through Friday in an office located in downtown San Diego. There are lots that are owned by companies who charge different prices for the different parts of the day. When I get to work early (before 8am), I ... click for more

Any Help would be appreciated on these problems

Problem: The technology of a firm making high end, solid gold bracelets in Soho (NYC) is described by the production function: q = 6.0 L3/4K1/5 where q is the number of bracelets produced per year, L is the number of metallurgist employed by this firm and K is the number of capital units used, measured in square footage of factory floor space. Capital is available at a cost of $3.745 per square foot per year and this price is guaranteed regardless of the size of the facility the firm requires at any given time. The product and labor market conditions facing this firm are described by: Product Market: Labor Market: Demand: P = 13,200 - 0.8Q w = 95,000 - 2.5 QL Su... click for more

Production function, equilibrium output, and resources employed by a high end solid gold bracelet manufacturer.

The technology of a firm making high end, solid gold bracelets in Soho (NYC) is described by the production function: q = 6.0 L3/4K1/5 where q is the number of bracelets produced per year, L is the number of metallurgist employed by this firm and K is the number of capital units used, measured in square footage of factory floor space. Capital is available at a cost of $3.745 per square foot per year and this price is guaranteed regardless of the size of the facility the firm requires at any given time. The product and labor market conditions facing this firm are described by: Product Market: Labor Market: Demand: P = 13,200 - 0.8Q w = 95,000 - 2.5 QL Supply: P =... click for more

Need Help with these problems

Practice Problems Fall, 2004 State whether each of the following remarks is true, false or uncertain, and then give a brief (but good!) explanation as to why. Each remark is "worth" 12 points; 4 for "T, F or U", 8 for your explanation. 1. True, False or Uncertain: Sales and excise taxes are usually more harmful to consumers than they are to producers because these types of taxes almost always involve a transfer of consumer surplus to producers. 2. True, False or Uncertain: The government can be guaranteed to reduce the cost and increase the availability of health care services provided to the elderly by taxing the buyers of the service (the elderly) and subsidizing t... click for more

Need you to create a "Shut-Down Decision" Linear table or chart that supports my decision to not shut down.

An unprofitable firm has hired me to determine whether they should shut down there unprofitable operation or not. There are currently 70 workers at the firm that produce 300 units of output per day at the price of $30 per unit. Their workers daily wage is $100; the cost of other variables inputs is $500 per day and the firms fixed cost are unknown. At the rate of $30 per unit X 300 units of output per day the firm's total revenue is $9,000. The $9000 dollars is the benefit of operating the facility, however the cost of operating the facility is 70 workers X $100 wages per day, $7,000 and the cost of other variable inputs is $500 per day for a total operating cost of $7,500 per day. ... click for more