1. What is the relationship between price elasticity of demand and total revenue?

2.You are the manager of a theater. At present the theater charges the same admission price of $8 to all customers, regardless of age. You propose a two-tier pricing scheme: $5 for children under the age of 12 and $10 for adults. You tell your supervisor that your proposal is likely to increase revenue. What must be true about the price elasticity of demand if your proposal is to achieve its goal of raising revenue? Explain your answer.

3. If pilots and flight attendants agree to wage and benefit reductions in the wake of the financial difficulties in the airline industry, what impact would this have on the supply and demand in the market for airline service, assuming no other changes take place in this market?

Use your own words to explain， thank you.

Today, more than ever, parents are encouraged to talk to their teens about drugs. During this talk with your child, you want to present several facts. What facts about smoking, alcohol use, and marijuana use do you present to your child? Remembering that "...most adolescents think they are exceptions," and learning of generational forgetting, what approach do you use to discourage your child from using these substances?

Explain in your own words the tax policy reason behind section 118-195 Income tax Assessment Act 1997 with respect to deceased estates. In so doing discuss why the commissioner has been given the discretion to extend the two year period . Your answer must be supported by reference to legislation case law and tax rulings if any... note: Australian taxation law

For each of the following situations, identify the parameter being estimated and calculate anappropriate 95% confidence interval for the parameter. In your own words, interpret the interval.

1. A poll of 700 Americans is taken and they are asked to state their favorite color. 187 of those polled respond that red is their favorite color.

2. Suppose we want to estimate the average weight of an adult male in Dekalb County, Georgia. We draw a random sample of 1,000 men and weight them. We find that the average man in our sample weighs 180 pounds, and the standard deviation of the sample is 30 pounds

Explain how neutron diffusion theory is related to physical reality. Does this theory describe the actual phenomenon, or does it provide only approximation? If only an approximation, then explain what is being captured by this approximation and what is not. To get credit, you must justify your answer. State major assumptions and limitations of diffusion theory. Also, discuss potential application areas. Facilitate your discussion by providing appropriate examples

In class, we calculated the externality through tax revenues of educating a Binghamton student, assuming some parameter values (e.g. that combined state and local taxes are 12% of earnings). Your guess about those parameter values might be different from what we used in class. What’s your personal guess about the values of those parameters? Take your guess about those parameter values and calculate the size of the externality. Is the state’s subsidy of Binghamton students’ education larger or smaller than the externality through taxes? Do you think the externality through taxes is larger or smaller than the total externality?

In class, we calculated the externality through tax revenues of educating a Binghamton student, assuming some parameter values (e.g. that combined state and local taxes are 12% of earnings). Your guess about those parameter values might be different from what we used in class. What’s your personal guess about the values of those parameters? Take your guess about those parameter values and calculate the size of the externality. Is the state’s subsidy of Binghamton students’ education larger or smaller than the externality through taxes? Do you think the externality through taxes is larger or smaller than the total externality?

Describe, in detail, what would happen if you fell into a black hole, from both your perspective, and the perspective of someone who is watching you fall in. You should include specific effects, including effects on space, time, and what you would see.

Do some research online and find 3 cars you are thinking of buying (ranging from low budget, to mid-budget, to one that is your dream car). Find their prices and how many miles per gallon they get

Car A: $26,793 28MPG

Car B: $39,735 17MPG

Car C: $161,139 13PMG

Suppose that you plan on using the car for 100,000 miles . Also let’s assume that all the cars have about the same overall cost of maintenance (just to simplify so you don't have to figure that into your calculations).

• The major uncertainty that you need to entertain is the price of gas in the future. You guess that there are roughly 4 options, given peak oil production and a tailing-off of global oil resources within the next 40 years (gas is a finite resource, in other words): 1) gas at $3 per gallon; 2) at $4; 3) at $5; 4) at $8. This is your partition, your states of affairs.

• The courses of action you may take are the three choices you have for your cars.

• The utilities you assign to your options are the respective price of each car plus the cost of gas for a “lifetime.”

a) Draw a table that lists the states of affairs across the top, and the choices/cars down the left side.

b) Work out the cost of gas for each car over its lifetime given the respective mpg, then fill in the utility of each choice (gas

plus cost of car) in each state of affairs. [40pts]

c) According to the table, is there an option that “dominates” the others? (Remember, in this example domination is about the lowest overall price.) In other words, is there a state of affairs in which one choice of car has costs lower than all the others AND in no other state of affairs does that choice of car cost more than any of the others? Briefly explain your answer and what that answer means.

d) Go back to the table you made in b). Attach the following probabilities to the gas prices over the lifetime of your car: 1) Pr($3)=50%; 2) Pr($4)=40%; 3) Pr($5)=8%; 4) Pr($8)=2%. Compute the expected value of each choice with these probability assignments, and then assess whether there is a value that dominates the others. Briefly explain your answer and what it means.