Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 5.4, Problem 2ST
To determine
The setting of admission standards.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Find market equilibrium quantity of enrollment and optimal quantity of enrollment
While charging a general admission price of $15 for adults most days of the week, the Museum of Fine Arts in Houston offers free admission every Thursday. Why do you suppose that museums often price this way, offering free admission on one day during the week? Why would they choose a day like Thursday rather than Saturday?
Do you see any conflict between your desire to be as profitable as possible and your desire to pay employees a living wage?
Chapter 5 Solutions
Microeconomics
Ch. 5.1 - Prob. 1STCh. 5.1 - Prob. 2STCh. 5.2 - Prob. 1STCh. 5.2 - Prob. 2STCh. 5.3 - Suppose college students are given two options....Ch. 5.3 - Prob. 2STCh. 5.4 - Prob. 1STCh. 5.4 - Prob. 2STCh. 5.5 - Prob. 1STCh. 5.5 - Prob. 2ST
Ch. 5.6 - Give an example to illustrate that someone may pay...Ch. 5.6 - Prob. 2STCh. 5.7 - Prob. 1STCh. 5.7 - Prob. 2STCh. 5.8 - Prob. 1STCh. 5.8 - Prob. 2STCh. 5.9 - Prob. 1STCh. 5.9 - Prob. 2STCh. 5.10 - Prob. 1STCh. 5.10 - Prob. 2STCh. 5.11 - Prob. 1STCh. 5.11 - Prob. 2STCh. 5.12 - Prob. 1STCh. 5.12 - Prob. 2STCh. 5 - Prob. 1QPCh. 5 - Prob. 2QPCh. 5 - Prob. 3QPCh. 5 - Prob. 4QPCh. 5 - Prob. 5QPCh. 5 - Prob. 6QPCh. 5 - Prob. 7QPCh. 5 - Prob. 8QPCh. 5 - Prob. 9QPCh. 5 - Prob. 10QPCh. 5 - Prob. 11QPCh. 5 - Prob. 12QPCh. 5 - Prob. 13QPCh. 5 - Prob. 14QPCh. 5 - Prob. 15QPCh. 5 - Prob. 16QPCh. 5 - Prob. 1WNGCh. 5 - Prob. 2WNGCh. 5 - Prob. 3WNGCh. 5 - Prob. 4WNGCh. 5 - Prob. 5WNGCh. 5 - Prob. 6WNG
Knowledge Booster
Similar questions
- Think about a product or service that has undergone a dramatic increase in popularity in recent years, such as electric vehicles (EVs) or streaming services. Discuss how changes in consumer preferences and technological advancements have influenced the demand for this product or service. How have companies responded to this increase in demand? Have there been any shifts in the supply curve due to changes in production capacity or costs? How have these changes affected pricing and competition in the industry? Can you predict how supply and demand for this product or service might evolve in the future?arrow_forwardIs there an economic justification to pay the baseball player Alex Rodriguez $25 million a year? The quarterback Peyton Manning makes $14 million per year. Has this market gotten completely out of hand? Can there be any justification to some of the salaries paid? If so, what are the justifications? What impact do these salaries have on the sport? Are there good economic reasons for teams to pay these salaries?arrow_forwardRefer to the Front Page to answer three questions. FRONT PAGE March Madness Becomes Sadness Ticket prices for the college basketball championships always skyrocket when the 68-team draw is announced. And they jump even further as the Final Four teams emerge. The year 2020 was no different. The 700 floor seats that are sold to students for $40 apiece were already reselling for as much as $4,670 in early January. If the history of March Madness is a guide, those tickets could have sold for more than $10,000 each once the Final Four teams were known. In 2020, however, there wasn't a Final Four: Fear of the coronavirus convinced the NCAA to cancel that year's tournament. The only madness was among those that paid scalpers' prices for tickets that got only $40 refunds. Source: Media reports, March 10-14, 2020. Instructions: Enter your response as a whole number. a. What was the initial student price of a ticket to the NCAA finals? $ per ticket b. In January 2020, there was (Click to select)…arrow_forward
- How is the buying behavior in business markets impacted by different types of demand? Identify the three types of demand (derived, Inelastic, Fluctuating), illustrate each demand with examples with product pictures, and how they affect buying behavior?arrow_forwardSuppose that Congress passes a law which requires employers to provide employees some healthcare benefits that raises the cost to the employers by $5 per hour. a) What is the impact on the demand for labor? (Think quantitatively) b) If the employees value the benefit exactly equal to the cost, what will be the impact on the supply of labor? c) How will the law affect the wage and level of employment? Are the employers better off or worse off? Are the employees better off or worse off? d) Suppose before the implementation of the law, the wage in the market was $3 above the minimum wage. In this case, how the law will affect the wage and level of employment?arrow_forwardAnswer the questions on the right based on the following scenario: Car Manufacturer Scenario: You are a minimum-wage worker at a U.S. company that makes cars. Last month’s finance report on your profits and sales is below. This morning, your government announced it would save the American people money on cars by capping the price of the kind of cars you make at $10,000. Some of your co-workers know you are taking this course and want to know what you think will happen. Monthly Financial Report Total Profit Total Monthly Revenue $2,400,000 Total Monthly Costs $2,000,000 Total Monthly Profit $400,000 Revenue Average Price of Cars # of Cars Sold Total Revenue $12,000 200 $2,400,000 Employee Salaries Hourly Rate Monthly Pay per Employee # of Employees Total Monthly Cost General Manager $30/hour $4,800 1 $4,800 Shift Managers $15/hour $2,400 5 $12,000 Assembly-Line Employees $12/hour $1,920 25…arrow_forward
- Answer the questions on the right based on the following scenario: Car Manufacturer Scenario: You are a minimum-wage worker at a U.S. company that makes cars. Last month’s finance report on your profits and sales is below. This morning, your government announced it would save the American people money on cars by capping the price of the kind of cars you make at $10,000. Some of your co-workers know you are taking this course and want to know what you think will happen. Monthly Financial Report Total Profit Total Monthly Revenue $2,400,000 Total Monthly Costs $2,000,000 Total Monthly Profit $400,000 Revenue Average Price of Cars # of Cars Sold Total Revenue $12,000 200 $2,400,000 Employee Salaries Hourly Rate Monthly Pay per Employee # of Employees Total Monthly Cost General Manager $30/hour $4,800 1 $4,800 Shift Managers $15/hour $2,400 5 $12,000 Assembly-Line Employees $12/hour $1,920 25…arrow_forwardTuition has risen every year since 1980 and at the same time enrollment has steadily increased. Which (demand or supply curve) shifts to which direction (left or right)? - demand curve shifts to the left - demand curve shifts to the right - supply curve shifts to the left - supply curve shifts to the right Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardComment on the following statement indicating whether you agree with the statement or disagree with the statement and why. Explain your answer. college charge tuition and also use standardized test scores as admission criteria. Tuition serves in this instance as the rationing device while standardized test scores as admission criteria do not.arrow_forward
- The two market diagrams below show the market for public and private colleges. How will an increase in state subsidies to public colleges affect the market for public and private colleges?arrow_forwardThe airline industry was hit particularly hard after the 9/11 attacks on the World Trade Center in 2001. In 2002, Southwest Airlines, one of the healthier airline companies, decided to lengthen the useful lives of its aircraft from 22 to 27 years. Shortly thereafter, following Southwest’s lead, other airlines made the same move.Would it have changed earnings or cash flows, and if it did, would the change have been favorable or negative? Is it favorable or negativearrow_forwardWhen a store cannot get an item due to a lack of supply, it can offer the customer a few options. Which of the following is not an option that stores should offer customers when supply is low? The store can contact the customer when the item is back in stock. The store can pay to have the item shipped directly to the customer from the producer. The store can offer the item for free when the supply is restored. The store can apologize for not having the item and lose the sale.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
- Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning