You manage a parking garage in a small college town. The faculty elasticity of demand is -1.33 and the student elasticity is -1.5. Daily maintenance costs average $5 per parking spot in the garage. What prices would you charge faculty and students in order to maximize profits? Group of answer choices $20 per day for faculty, $15 per day for students. $15 per day for faculty, $20 per day for students. $10 per day for faculty, $5 per day for students. $13.3 per day for faculty, $15.0 per day for students.

You are managing a firm with market power, and you think the price elasticity of demand for your product is between 1.3 and 1.5. You estimate that your marginal cost is between $55 and $70. The price that you should set would range between $ and $. (Round your answers to two decimal places.) If you refine your estimate of the marginal cost to $80, the price you should set would now range between $ and $ (Round your answers to two decimal places.)

Tyke's Bikes is a bicycle sales and repair shop in a small city. It sells new and used bikes with a narrow profit margin and does repairs at minimal costs. Frequently, if a child comes into the sh with a broken part or a flat tire, Tyke's makes the repair for free if the child has no money. Tyke's also provides a free one-hour repair class for those who want to learn how to fix their bikes. At local organized bike rides, Tyke's provides free services, asking only for voluntary donations. W theory of corporate social responsibility is Tyke's exhibiting? O The narrow view, or invisible hand theory. The moderate view, or government's hand theory. The hybrid view, or citizen's hand theory. The broad view, or good corporate citizenship..

*1    A small village has only one Italian restaurant. The daily demand for dinners in this restaurant is P=120-2Q, where P is the price in £ and Q is the number of dinners. It has a fixed cost of £300 and a marginal cost of £10 for the first 15 dinners. If it wants to produce more than 15 dinners, it must pay overtime wages to its workers, with the marginal cost rising to £20. What is the maximum amount of profit the restaurant can earn? Illustrate your answer on a diagram.

A tool rental company determines that it will rent 500 jackhammers per day at a daily rental fee of $30 per jackhammer. For each $1 increase in rental price, 10 fewer jackhammers will be rented. What rental price maximizes revenue?

For distract driving

1. A company has estimated that its total cost (TC) function is: TC = 12,000 + 60Q Where Q refers to quantity. The marketing department of this company is unable to estimate the demand function for the company but believes the price elasticity for the company's products is (-)4. Given this information, calculate the profit maximising price

Dave's Donuts sold 1,000 donuts. Total revenue was $400, and the cost of producing the 1,000 donuts was $300. What is the profit for Dave's Donuts? $1,000 $500 $100 $400

Let's say there is demand in a market. The unit cost of production of the good is fixed and is at level 3. If you had a technology that could reduce this cost to 1, how much would you sell the pantent of the technology you have? (Hint: How much does society spend to get the technology you have?)

Your task is to show what the profit of this firm might look like using a key economics diagram. To make graphing easier, we will consider the price of the Ozempic drug for the middle-income country Bangladesh, which is $38 (assumed the profit-maximising price). For this task, you will be required to illustrate and explain to a typical first-year undergrad student who has no economics background the profit the firm makes at $38 per month, and what has happened to profit (producer surplus), markup, consumer surplus and the output if the price was reduced from $38 to $10 per month.