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Assume you had the following observations on Canadian intercity rail travel: Between 2008 and 2010, rail travel increased from 17.5 passenger kilometres per person to 19 passenger kilometres per person. At the same time, neither per-kilometre railroad price or incomes changed, but the per-kilometre price of intercity airline travel increased by 7.5 percent. Between 2011 and 2013, per capita incomes rose by approximately 13 percent, while the price of travel by rail and plane stayed constant. Intercity rail travel was 20 passenger kilometres per person in 2011 and 19.5 in 2013. Assuming the demand for travel didn't change between these periods:
a. Calculate the income elasticity of demand for intercity rail travel.
b. Calculate the cross-price elasticity of demand for intercity rail travel.
c. Are air travel and rail travel substitutes or complements? Is intercity rail travel a normal or an inferior good?
In the short run, the firm has 8 units of capital. Draw the short run production function and provide its formula. Hint: there will be two pieces.
Take the thermal conductivity to be 0.3 W/m2 · K and the heat transfer coefficient of water to be 4911 W/m · K, what are the areas required for counterflow.
The income elasticity of demand for clothing is estimated at +0.5. What would you expect to happen to clothing revenues when incomes are rising When incomes are falling Is the effect stronger or weaker than the movie industry results
a pricing analyst for QuantCrunch Corporation, a company that recently spent $10,000 to develop a stastical software package. To date, you only have one client. A recent international study revealed that this client's demand for your software is Q..
There are two players i = 1,2. Each player announces a number xi ? {0, 1, 2,...,10}g and the announcement is done simultaneously. The one who says lower number wins. If the player wins, he gets 1$, if he loses, he gets 0.
What price should a firm charge for a package of two shirts given a marginal cost of $4 and an inverse demand function P = 8 - 2Q by the representative consumer
Will a price ceiling always increase consumer surplus? Will a price floor always increase producer surplus?
Consider the following demand schedule. Does it apply to a perfectly competitive firm Compute marginal and average revenue. Price Quantity Price Quantity Suppose the marginal cost of producing the good in is a constant $10 per unit of output.
Given the situation described in part (a), what do you think would happen to CSO diamond advertising?
suppose an economys real gdp is 38000 in year 1 and 41200 in year 2. what is the growth rate of its real
Determine the MRT of steel into aluminum for each nation. According to the principle of comparative advantage, should the two nations specialize?
Assume the following values for Figures 5.4a and Figures 5.4b. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag.
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