LaVilla is a village in the Italian Alps. Given its enormous popularity among Swiss, German, Austrian, and Italian Skiers, all of its beds are always booked in he winter season and there are, on average, 1,035 skiers in the village. On average, skiers stay in LaVilla for 5 days.
How many skiers are leaving LaVilla, on average, per day?
Round the answer to the nearest whole number. For example, if your answer is 2543.65, round up to 2544; if you answer is 2543.12, round down to 2543.

2.

LaVilla is a village in the Italian Alps. There are, on average, 1200 skiers in the village during the winter season. On average, skiers stay in LaVilla for 10 days. When skiers leave LaVilla, they all take the shuttle service to the closest train station. Right now, the shuttle service has the transportation capacity of 318 customers per day.

The management forecasts that the average length of stay for next season will significantly reduce to 8 days due to increased hotel and travel costs. Based on your findings of the number of skiers will leave per day (under this forecast and assuming same beds and fully booked), what is the utilization rate for the shuttle service? (Or, what is the percentage of shuttle service capacity that is utilized?)
Round your answer to the nearest whole number and ignore the percentage sign. For example, if your answer is 0.45 or 45%, fill in 45; if your answer is 0.76 or 76%, fill in 76.

1.       Name an economic institution and explain how it affects economic decision making or how its actions reflect economic principles.

2.       Tyler Cowen, an economist at George Mason University, presents an interesting case that pits the market against legal and social forces. The case involves payola—the payment of money to disk jockeys for playing a songwriter’s songs. He reports that Chuck Berry was having a hard time getting his music played because of racism. To counter this, he offered a well-known disk jockey, Alan Freed, partial songwriting credits, along with partial royalties, on any Chuck Berry song of his choice. He chose Maybellene, which he played and promoted. It went on to be a hit, Chuck Berry went on to be a star, and Freed’s estate continues to receive royalties. a. Should such payments be allowed? Why? b. How did Freed’s incentives from the royalty payment differ from Freed’s incentives if Chuck Berry had just offered him a flat payment? c. Name two other examples of similar activities—one that is legal and one that is not.