At a fair carnival roulette wheel, a player can either win 10, 30, or 80 . Assuming a rational player, how much should the game owner charge the player, to maximize his own profit?
a. 30
b. 40
c. 50
d. 80
QUESTION 2Peter's Pizzeria sells both pizzas and wings. It wants to increase the sales of its pizzas. If it decides to increase the price of the wings, it is assuming that
a. the pizza and the wings are substitutes
b. the pizza and the wings are complements
c. the pizza and the wings are unrelated in demands
d. it cannot increase the sales of its pizzas
QUESTION 3At a fair carnival roulette wheel, a player can either win 10, 30, or 80 . If the player were to be made indifferent between playing the game or not, how much should the owner charge him?
a. 30
b. 40
c. 50
d. 80
QUESTION 4Firm X both produces automobiles and owns gas stations. If decides to decrease the gas to induce higher sales for the automobiles, it means that
a. the gas and the automobiles are complements
b. the gas and the automobiles are substitutes
c. the gas and the automobiles are not related in demand
d. none of the above
QUESTION 5At a carnival roulette wheel, a player can either win 10, 30, or 80 . At what cost of play should the player expect the wheel to be fair?
a. 10
b. 20
c. 30
d. 40
QUESTION 6The wages for Nike workers increases. At the same time, we see the price for Adidas shoes increase. This would cause the price for Nike shoes_____________ and the quantity demanded for Nike shoes ____________.
a. Uncertain; decreases
b. Decreases; increases
c. Decreases; uncertain
d. Increases; uncertain
QUESTION 7At a carnival roulette wheel, a player can either win 10, 30, or 80 . If it costs 20 to play, should the player expect the game to be fair?
a. Yes, because it costs to play
b. No, because on average the individual would be earning money on the wheel
c. No, because all the carnival attractions are unfair
d. Need more information
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