Answer: a. $4,000
b. $5,000
Explanation:
a. If she can sing at each wedding but decides to maximise profits, she will only sing at the weddings of those paying her $200 as it is the higher of the two payment options.
Should she sing at the $200 customer weddings, she would make;
= 20 people * $200
= $4,000
b. Price Discrimination is the charging of different types of customers different prices for the same or similar goods.
If your friend knows how to perfectly charge the two different groups the different prices that they value her at then she will be able to attend and sing at both weddings making her revenue;
= (10* $100) + (20 * $200)
= 1,000 + 4,000
= $5,000
A limited partnership is owned by a small pool of investors; if there is only one owner, then it is a sole proprietorship.
The opportunity cost of studying economics for one hour in this context would be: <span>Watching two half-hour TV sitcoms
Opportunity cost refers to something that you have to sacrifice everytime one alternative is chosen. When the time is spent to study economics, the time available for you to watch tv will be gone.</span>
<span>According to the U.S. Department of Labor Statistics, in 2009 high school graduates made approximately $ 32,544/Year, <span>whereas</span>,</span><span> those who did not complete high school </span>made approximately $23,664.
Which mean the ones who graduated the high school earned around
$10,000 more than the ones without a high school degree.
