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According to the Bureau of Transportation Statistics, due to an increase in demand, the average domestic airline fare increased from $367.17 in the fourth quarter of 2005 to $381.99 in the first quarter of 2006, an increase of $14.82. The number of passenger tickets sold in the fourth quarter of 2005 was 178.1 million. Over the same period, the airlines’ costs remained roughly the same: the price of jet fuel averaged around $1.85 per gallon in both quarters (Source: Energy Information Administration), and airline pilots’ salaries remained roughly the same (according to the Bureau of Labor Statistics, they averaged $135,040 per year in 2005).
Can you determine precisely by how much producer surplus has increased as a result of the $14.82 increase in the average fare? If you cannot be precise, can you determine whether it will be less than, or more than, a specific amount?
Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest).
1. (1) Let y(t) be a time series with a constant mean E(y(t))=m. Show that the sample mean is an unbiased estimator for m.
one reason for government intervention in the economy is to discourage the consuption of goods which have negative externalities. Carefully explain why and the extent to which these goods should be taxed.
Consider this statement: “Conservationists want to save too many spotted owls.” Use graphical analysis accompanied by a concise narrative discussion.
What does the cost of a good or service reflect? Will producer continue to supply a good or service if consumers are unwilling to pay a price sufficient to cover the cost?
In what respect is the economic decision to move across international borders an investment decision and what are the "twin" problems of the health care industry as viewed by society? How are they related?
Do you think Wrigley's will raise or lower their total Revenue by raising prices? Explain your answer using my favorite term - ELASTICITY. If Wrigley raises the price, he will lower their total revenue because in order to increase the total revenu..
Suppose Microsoft chooses to produce 80 million copies of the software per year and sells copies of the software to retailers at $199 per copy. Now consider the problem of a retailer like Circuit City or Best Buy. Such retailers can sell as many c..
What interest rate does she need to get to be able to retired as desired and compounded semi-annually, how much should be deposited now?
Pretend you are a neoclassical (free-market or environmental economist), new institutional (transaction cost or ecological), and instutional economist-from the perspective of the cost benefits of "going green" for major utilities (electricity, was..
Firm operates in a perfectly competitive market in which the market price is $10 per unit. What is its profit-maximizing rate of production?
Tom can produce 40 balls per hour or 4 bats per hour. Tessa can produce 80 balls per hour or 4 bats per hour.a. calculate Tom's opportunity cost of producing a ball. b. calculate Tessa's opportunity cost of producing a ball.
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