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Transit buses on a local San Francisco run carry 1000 passengers a day who are each charged 50 cents. The marketing department feels that by raising the price to 75 cents, ridership will decline by 200 persons (to 800 passengers a day).
i. Suppose these estimates are correct. Use the midpoint rule to calculate the arc elasticity of demand for buses on the run.
ii. Does this increase in price increase Transit’s revenue on these trips? Why or why not? Explain.
Swap arrangements among national central banks
As a business owner making a final decision regarding the international aspects of a business decision, you may decide to set up a table with the risks and weigh their relative importance against the rate of return you foresee
As a consequence of a 1976 court case that Ralph Nader won against an airline that had "bumped" him, the federal government adopted a rule requiring airlines to compensate people who were denied boarding despite holding a confirmed reservation.
Which of the following are methods used by the Federal Reserve to affect the supply of money in the U.S. economy, and which are not? Place each item under the appropriate title. Methods the Fed uses to affect the money supply Not a method used by the..
Assume you live in an economy that has a population of 2,000,000 people over the age of 16. The labor force in your economy is 1,500,000 people and 1,300,000 people are currently working. Calculate the unemployment rate Calculate the employment rate ..
Suppose that each country has 100 workers and completely specializes in its comparative advantage. How many units of output of sippy cups and binkys will each country produce?
The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of hamburgers is $7 each. Complete the following table by indicating whether each of the statements is an example of a price ce..
Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy only 8 boxes. Is Julie's demand for envelopes elastic or inelastic? What is Julie's el..
Your company is bidding on a system design project. It is your job to design the system architecture. How will you balance the need for scalability against the need to keep costs as low as possible to win the bid?
A firm emits 30 tons of a pollutant, before the government begins to regulate it. The firm’s marginal abatement cost curve is given by: MAC = 10*A (A = “tons of abatement”) What is the firm’s total abatement cost? What is the firm’s total compliance ..
Economists use Gross Domestic Product (GDP) to measure the economic activity and the national income. What are the major components of the USA GDP? Explain the contribution of each component to the GDP with data. What is the difference between real G..
Three players 1,2, and 3, are deciding on how to divide a cake worth $1, using the following procedure: Player 1 first divides the cake into three portions: x,y,and z such that x+y+z=1, x,y,z greater than or equal to 0. Identify the sub game perfect ..
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