If two economies are identical (including having the same saving rates, population
growth rates, and efficiency of labor), but one economy has a smaller capital stock, then
the steady-state level of income per worker in the economy with the smaller capital
stock:
a) will be at a lower level than the steady state of the high capital economy.
b) will be at a higher level than the steady state of the high capital economy.
c) will be at the same level as the steady state of the high capital economy.
d) will be proportional to the ratio of the capital stocks in the two economies.

Suppose there are three types of consumers who attend concerts at your university’s performing arts center: students, staff, and faculty. each of these groups has a different willingness to pay for tickets; within each group, willingness to pay is identical. there is a fixed cost of $1,000 to put on a concert, but there are essentially no variable costs. for each concert: i. there are 140 students willing to pay $20. (ii) there are 200 staff members willing to pay $35. (iii) there are 100 faculty members willing to pay $50. a) if the performing arts center can charge only one price, what price should it charge? what are profits at this price? b) if the performing arts center can price discriminate and charge two prices, one for students and another for faculty/staff, what are its profits? c) if the performing arts center can perfectly price discriminate and charge students, staff, and faculty three separate prices, what are its profits?