Question 37

1. A monopolist maximizes profits by

   	a.	producing an output level where marginal revenue equals marginal cost.
   	b.	charging a price equal to marginal revenue and marginal cost.
   	c.	charging a price where marginal cost equals average total cost.
   	d.	Both a and b are correct.

Question 38

1. A monopoly is an inefficient way to produce a product because

   	a.	it faces a downward-sloping demand curve.
   	b.	it can earn both short-run and long-run profits.
   	c.	the cost to the monopolist of producing one more unit exceeds the value of that unit to potential buyers.
   	d.	it produces a smaller level of output than would be produced in a competitive market.

Question 39

1. A movie theater can increase its profits through price discrimination by charging a higher price to adults and a lower price to children if it

   	a.	can prevent children from buying the lower-priced tickets and selling them to adults.
   	b.	has some degree of monopoly pricing power.
   	c.	can easily distinguish between the two groups of customers.
   	d.	All of the above are correct.

You and your closest friends have decided to go to see a private screening of a movie at a local movie theater where you can be socially distant. Friends will be added to the queue after their names are input by the user. Because of current restrictions, the queue (line) for tickets can only have a capacity of 7 people.

Write a Java program using a Queue (of size 7) that will display a menu:

1) add person to line

2) remove person from line

When (1) is chosen the user will be prompted to input the friend's name. Note that you must not add another person to the queue until there is an available space for them (you will need to check if the queue is full before adding people.) If there are already 7 people in the queue the program will output that "the line is full please try again later."

When (2) is chosen the person at the head/front of the queue is removed.

After each person is added or removed from the queue, output the contents of the queue and the name of the person at the head of the queue. The program will end after the removal of a person leaves the queue empty.

MUST BE JAVA. please include menu for queue operations.

Customers arrive at a movie theater at the advertised movie time only to find that they have to sit through several previews and pre-preview ads before the movie starts. Many complain that the time devoted to previews is too long.† A preliminary sample conducted by The Wall Street Journal showed that the standard deviation of the amount of time devoted to previews was 6 minutes. Use that as a planning value for the standard deviation in answering the following questions. (Round your answers up to the nearest whole number.)

(a)

If we want to estimate the population mean time for previews at movie theaters with a margin of error of 105 seconds, what sample size should be used? Assume 95% confidence.

(b)

If we want to estimate the population mean time for previews at movie theaters with a margin of error of 1 minute, what sample size should be used? Assume 95% confidence.

-You may need to use the appropriate appendix table or technology to answer this question.

How large a sample should be selected to provide a 95% confidence interval with a margin of error of 10? Assume that the population standard deviation is 50. (Round your answer up to the nearest whole number.)

Companies can use three strategies to lower their breakeven point: 1. Increase selling price; 2. Decrease variable costs; 3. Decrease fixed costs. Thinking in terms of cost structure and breakeven point, explain how a movie theater might respond to a negative demand shock (a sudden significant drop in demand as a result of external events) such as happened after the September 11^th attack on the World Trade Center, Superstorm Sandy, etc.

• Your answer must specifically address each of the three strategies outlined above, and assess whether or not that strategy would be successful. (6 points)
  • BE SPECIFIC. You must indicate exactly how you would raise selling price or which specific variable/fixed costs you are recommending that the company decrease. While you may look at online sources to learn more about the industry, DO NOT copy information without providing proper citations. Also, you must include original information; do not rely solely on online sources.
• Finally, you must make a recommendation as to the best strategy, explaining why you chose it.

a) The 10 members of the committee have to choose one president and two vice presidents (these have to be three different people). In how many ways can they choose these officers? (Note: here is no distinction between the two vice presidents; there is not a “first” VP and a “second” VP).

b) Three couples go to a movie theater. They sit in consecutive seats such that each couple is seating together, that is each person is seating next to his/her partner. If there are 6 seats available, in how many ways can they sit?

c) A university wants to assign a three digit number to each classroom of a new building. They can use the digits {1,2,3,4,5} but they cannot use any digit more than once. How many classroom numbers can they assign if the numbers have to be less than 250?

d) The University wants to select 4 students for a feedback survey. They want all four students from either Prof. X’s section or Prof. Y’s section. Prof. X has 40 students in his class and Prof. Y has 30 students in his class. How many selections are possible?

You are given the sample mean and the population standard deviation. Use this information to construct the​ 90% and​ 95% confidence intervals for the population mean. Interpret the results and compare the widths of the confidence intervals. If​ convenient, use technology to construct the confidence intervals. A random sample of 40 home theater systems has a mean price of ​$129.00. Assume the population standard deviation is ​$16.60.

Interpret the results. Choose the correct answer below.

A. With​ 90% confidence, it can be said that the population mean price lies in the first interval. With​ 95% confidence, it can be said that the population mean price lies in the second interval. The​ 95% confidence interval is narrower than the​ 90%.

B. With​ 90% confidence, it can be said that the sample mean price lies in the first interval. With​ 95% confidence, it can be said that the sample mean price lies in the second interval. The​ 95% confidence interval is wider than the​ 90%.

C. With​ 90% confidence, it can be said that the population mean price lies in the first interval. With​ 95% confidence, it can be said that the population mean price lies in the second interval. The​ 95% confidence interval is wider than the​ 90%.

1 What is the GOVERNMENT FAILURE for some workers resulting from this legislation, i.e. which workers end up being WORSE off as a result of this legislation? Use a carefully labeled graph, and assuming any logical numbers, to support your answer to the question above.

2   Some government officials decide it is a market failure that the price of renting an apartment is too high for some people. The government then passes legislation INTENDED to help those wanting to rent apartments. What is the GOVERNMENT FAILURE for some people resulting from this legislation, i.e. which people end up being WORSE off that were intended to be better off as a result of this legislation? Use a carefully labeled graph, and assuming any logical numbers, to support your answer.

3 Assume there is a significant negative externality in supplying a good or service. Using a carefully labeled graph, show the supply curve that does NOT reflect the negative externalities and the supply curve that does reflect these externalities. Make sure each is carefully labeled.

4 Explain, using a carefully labeled graph, why the price of oil has PLUMMETED recently. EXPLAIN the movement from one equilibrium to another.

5 Assume the President of the United States states “we will no longer put much resources into enforcing our immigration laws.” Explain how the predictable increase in illegal immigration will harm some American low-skilled workers. Use a carefully labeled graph to support your answer. Besides the illegal immigrants and employers benefitting, who else benefits from illegal immigration?

6 GDP in the year 2010 was $300,000,000,000 when the population was 10,000,000. GDP in 2020 in that same country was $550,000,000,000 and the population was 12,000,000. Calculate the annual growth rate in GDP PER CAPITA. Show your math.

7 Using a carefully labeled graph, show and explain how licensing requirements can harm CONSUMERS.

8A basket of goods and services cost $200 in the year 2000. That same basket of goods costs $438.22. What has been the annual inflation rate? SHOW YOUR MATH.

Background Information: Rights of Grandparents

As family structures have changed due to increases in divorce and single parenting, the role of grandparents has also changed. As a result, more decisions about grandparents’ visitation rights are being made by courts and state legislatures. Since the mid-1970s, all 50 states have passed laws granting grandparents the right to petition the courts for legally enforced visitation privileges. Before this time period, grandparents had no rights to their grandchildren except by consent of the children’s parents.

Early court decisions (e.g., Odell v. Lutz, 1947) emphasized parental autonomy and ruled that grandparent visitation rights would undermine parental authority. In fact, it was stated that grandparent visitation rights could subject children to intergenerational conflict (e.g., Noll v. Noll, 1950). These rulings also went along with the long tradition that the legal system should only intervene in the family in extreme circumstances. Early granting of grandparent visitation rights (e.g., Benner v. Benner, 1952) came in cases in which the grandchildren had lived with the grandparents for extended periods, or in cases in which the parents were deemed “unfit,” and the grandparents were given custody.

Consider the landmark case of Troxel v. Granville (2000). In 2000, based on this case, the United States Supreme Court placed limits on the grandparent visitation laws. The court concluded that parents who provide adequate care for their children must be able to decide with whom their children will associate. To leave such decisions up to a judge, in the view of the Supreme Court, would conflict with parents’ basic constitutional rights.

Discussion Question:

Discuss the pros and cons of regulated and enforced grandparent visitation rights. Part of your answer and discussion should involve the roles that grandparents play in grandchildren’s lives (e.g., alternative caregivers, playmates, family historians and transmitters of family values and traditions, advice-givers to parents). Also consider how to resolve intergenerational conflict, how to determine the “children’s best interests,” the consequences of grandparent visitation rights on family functioning, and how to resolve the grandparent policy.

Compute the deductions, net pay, and accumulated gross earnings for each weekly pay period. Assume that Joseph is single and that $28.25 was withheld for medical insurance (pre-tax) and $20 for his United Way contribution. Use the wage bracket method to determine federal income tax. Round answers to the nearest hundredth. Gross Earnings(650.95) Allow.(1) Fed. Inc. Tax Social Security (6.2%)Medicare (1.45%) Medical Insurance Pre-tax United Way Total Deductions Net Pay Accum. Gross Earnings ($1,558.90)