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/sci/ - Science & Math

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2080593 No.2080593 [Reply] [Original]

here goes a long shot; any answers and i will be eternally grateful to /sci/

6. You are the manager of a petrol station and your goal is to maximize profits. Based on your experience, the elasticity of demand of students for a car wash is -2, while that of lecturers is -1.5. Your marginal cost is €6. What is the profit-maximizing price to charge a student for a car wash and what is the profit-maximizing price to charge a lecturer, based on staff car parking permits, for a car wash?

a) €18 for a student, €12 for a lecturer
b) €12 for a student, €9 for a lecturer
c) €12 for a student, €12 for a lecturer
d) €12 for a student, €18 for a lecturer


7. You are a truck farmer and bring produce to a farmer’s market every Wednesday. You have found that on a typical day five other farmers bring their produce to market. Years of experience have taught you that you make the most money by pricing your produce at 1.15 times your marginal cost. What is your elasticity of demand in this Cournot oligopoly?

a) -1.15
b) -1.277
c) -7.662
d) None of the above

8. Brian consumes nothing but coffee and pizza. In 2003, Brian’s income is €10 per week, coffee costs €1 per cup, pizza costs €1 per slice, and Brian buys 6 cups of coffee and 4 slices of pizza per week. In 2004, Brian’s income rises to €20 per week, the price of coffee rises to €2.50 per cup, and the price of pizza rises to €1.25 per slice. In which year is Brian better off?

a) He is as well off in 2004 as he was in 2003
b) He is better off in 2004 than he was in 2003
c) He is worse off in 2004 than he was in 2003
d) None of the above

>> No.2080600
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2080600

bumping with infos

>> No.2080604
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2080604

>> No.2080608
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2080608

>> No.2080613
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2080613

final bump probably, anything would help

>> No.2080621

sage for non-board related topic

>> No.2080625
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2080625

>>2080621
cool sage bro; economics is a science.

>> No.2080629
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2080629

Ok I lied; final bump

>> No.2080631

>>2080625
Economists in fact are not "Economists" at all. They're propagandists of money value.

It is simply an illusion that humanity has been trained to believe is true.

Question it, do your research, ask questions, and let go of your beliefs. That's what science is about.

>> No.2080637

>>2080631
it's not really an argument in truth though; Economics IS a science, although I see your point