According to W. Gillepse, "A minimum of expenses is of course, highly desirable; but the road which is truly the cheapest is not the one which has cost the least money, but the one which makes the most profitable returns in proportion to the amount expended upon it." Explain the quote based on his economic views.
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According to W. Gillepse,
"A minimum of expenses is of course, highly desirable; but the road which is truly the cheapest is not the one which has cost the least money, but the one which makes the most profitable returns in proportion to the amount expended upon it."
Explain the quote based on his economic views.
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- Marty used to be a bartender making $5,000 a year but he quit in order to become a clown that does shows at birthday parties. His clown car and costumes cost $7,000 and he did a lot of shows in the past year, making $13,000 in revenue but paying $2,000 in variable costs for balloons, gas, etc. Marty asked an accountant and an economist to calculate his profit. What did they report?Which of points A–E is the most efficient? Explain.. A book that sounds just perfect for me, Kate Raworth’s Doughnut Economics is available on Amazon for $40.35 for the hardback and $15.99 for paperback. From the publisher’s perspective, the difference in the cost between each version of the book seems negligible; it may cost a little bit more to produce the hard cover, but certainly not more than 2.5 times as much. Hardback versions usually also get published a few months before paperback versions are published. How do you explain the different prices for essentially the same product, given that the cost to the publisher of providing each type of book is basically the same? Amazon also offers the Kindle digital e-book version for $11.87. The cost to Amazon to produce a new “copy” for the next consumer is virtually nothing; just the sending of some data to the customer’s device. Why is Amazon able to charge $11.87 when its cost is basically zero and the market for books is likely very competitive? Note:- Do not provide handwritten…
- Clancy is a hard-working college senior. One Sunday, he decides to work nonstop until he has answered 100 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 The marginal, or additional, gain from Clancy’s first hour of work, from 8:00 AM to 9:00 AM, is problems.A movie theater shows films for a community of 10000 people. Right now, the price per ticket is $17.50. In the past, when they increased or decreased the price per ticket, they discovered that for every dollar (or fraction) that the price was increased or decreased, the attendance decreased or increased proportionally by 200 people. The theater owner pays the Film Distribution Company $10 (incremental cost) in royalties per person whoviews the film. Find a. The willingness to pay distribution of the movie goers. b. The average price they would be willing to pay. c. The price per ticket that maximizes revenue. d. Should the theater owner increase or decrease the price per ticket if she wants to maximize contribution? e. Find the consumer surplus if the tickets are priced at the price that maximizes contribution. Please complete in excel showing formulas on how it was completedis generally determined by the consumer rather than by the producer. In other words, if a customer perceives that he receives more in benefits than what he has to pay for those benefits (or, he gets more in benefits than what he perceives it costs him to acquire those benefits), then he is probably going to be fairly happy with that product in relation to itsS cost.
- A-Z Suppose that a technological innovation decreases BYOB's costs so that it now faces the marginal cost (MC) and average total cost (ATC) given on the following graph. Specifically, the technological innovation causes a decrease in average fixed costs, thereby lowering the ATC curve and moving the MC curve. Place the black point (plus symbol) on the following graph to indicate the profit-maximizing price and quantity for BYOB. If BYOB is making a profit, use the green rectangle (triangle symbols) to shade in the area representing its profit. On the other hand, if BYOB is suffering a loss, use the purple rectangle (diamond symbols) to shade in the area representing the loss. bongo 4.00 3.50 Monopoly Outcome 3.00 2.50 Profit A 2.00 Loss 1.50 АТС 1.00 0.50 MC MR 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 QUANTITY (Thousands of cans of beer) PRICE (Dollars per unit)Define the followingExercise 4.6 An econometrician hired to analyse a local golf course has determined that there are two types of golfers, the regular and the occasional. The annual demand for games from regular players is given by QH = 24 – 0.3P, where P is the price of a round of golf. On the other hand, the annual demand for occasional items is given by QO = 10 – 0.1P. The marginal cost and the average total cost per item are equal to €20. a) If you could distinguish between regular and casual players, what price would be set for each type? How many games would each type of player play? How much profit could the golf course generate? Represent graphically. b) As an alternative to the discrimination of third degree prices, those in charge consider a double tranche rate according to which the members can play as many games as they wish at a price of € 20 per game. How much profit will the golf course generate if it charges all players the same annual fee for becoming a member of the club? What if you…
- Francis wants to buy some paintings for their store to make it feel more classy. Francis would need to take $20,000 out of their savings account (which earns 1% interest a year) in order to finance the paintings. At the end of the year, Francis knows they could sell the paintings for $20,000 but they would choose not to. When calculating this year's economic profit, Francis would count this as a: a. explicit cost of $20,000 and an implicit cost of $2,000. b. explicit cost of $20,000 and an implicit cost of $20,000. c. explicit cost of $20,000. d. implicit cost of $2,000.Q. A woman complained to “Dear Abby” that a laundry charged $1.25 each to launder and press her husband’s shirts, but for her shirts—the same description, only smaller—the laundry charged $3.50. When asked why, the owner said, “Women’s blouses cost more.” Abby suggested sending all the shirts in one bundle and enclosing a note saying, “There are no blouses here—these are all shirts.” a. Is the laundry practicing price discrimination, or is there really a $2.25 difference in cost? b. Assuming the laundry is engaging in price discrimination, why do men pay the lower price and women the higher? c. Could the laundry continue to separate markets if people followed Abby’s advice? What about the policing costs associated with separating the markets?Why is a normal profit considered an economic cost?