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FlyExclusive is a company that offers memberships for access to chartered private jets. They are trying to decide the optimal price for their membership fee and are considering using a two-part tariff. They estimate consumer demand to be: Q = 100 – 0.1P (or P = 1000 – 10Q), where Q is the number of charted jet flights per year and P is the price per flight. If the marginal cost of serving each customer is $100 per flight, what is the optimal two-part tariff that FlyExclusive should charge?

Betty White’s house in Carmel, CA is being auctioned off in a second-price sealed bid auction. There are 5 mega-fans taking part in the auction. They each have a private value listed below.     All bidders, except Bidder #4, have taken Business Microeconomics and understand auction theory. As such, these bidders will submit bids using their optimal strategies, while Bidder #4 submits a bid of $12.5 million. Which bidder will win the auction and what will be the amount paid?

FlyExclusive is a company that offers memberships for access to chartered private jets. They are trying to decide the optimal price for their membership fee and are considering using a two-part tariff. They estimate consumer demand to be: Q = 200 – 0.1P (or P = 2000 – 10Q), where Q is the number of charted jet flights per year and P is the price per flight. If the marginal cost of serving each customer is $100 per flight, what is the optimal two-part tariff that FlyExclusive should charge?

Suppose a monopolist faces positive marginal costs and a downward-sloping demand curve. The firm chooses a positive level of output so profit is maximized. Which of the following statements is true?

The market for raspberries is perfectly competitive and is in a long-run equilibrium. Each firm’s long-run average cost is minimized at $2.00 per pint of raspberries and a quantity of 1000 pints.  The market demand for a pint of raspberries is: Q = 10,000 – 1,000P where P is the price in dollars and Q is a pint of raspberries. Assume all firms in the market have the same costs and that these costs are the same in the short-run and long-run. What is the total amount currently spent by all consumers in the market? 

You are discussing auction theory with your friend who makes two claims:   I. You should lie about your true value when participating in an English auction. II. The winner’s curse is most likely to occur in a private value auction.    Which of these statements are true?

A person moving permanently from Tuvalu to India is an example of ______ .

The official language(s) of the United States is/are ______ .

Diffusion of languages and religions from their hearths happened primarily due to: 

“Latina” describes a person’s _________ .