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The subway fare in your town has just been increased from a current level of 50 cents to $1.00 per ride. As a result, the transit authority notes a decline in ridership of 30 percent.
Compute the price elasticity of demand for subway rides.
a. If the transit authority reduces the fare back to 50 cents, what impact would you expect on the ridership? Why?
Describe how a decrease in price will affect the Quantity Demanded of an item. Incorporate a discussion of the Income and Substitution Effects into your response, as well as the difference between “Normal” and “Inferior” goods.
You short-sell 200 shares of Tuckerton Trading Co., now selling for $50 per share. Illustrate what is your maximum possible gain ignoring transactions cost.
Patents allow a company to have a monopoly for a period of time. Monopolies result in lower quantity supplied and higher prices to consumers. Do you think companies should be allowed to obtain a patent on a product or not?
Consider the market for peanut butter. If there is an increase in the price of bread ( a complement for peanut butter) along with a drought in peanut growing areas, the
how many pineapples will she consume? If her income increases to $120, how many grapefruits will she consume? Are grapefruits a normal or inferior good?
During an episode of hyperinflation, people tend to do which of the following?
Consider the expectations theory (of the term structure) with a term premium. What is the interest rate on a 5-year bond today if the term premium for a 5-year bond is 2% and 1-year interest rates are expected to remain constant at their current leve..
Is the Affordable Health Care Act (Obama Care) good for America? Explain why or why not? What would you put in place or how would you improve the current system?
Suppose that Portugal and Austria consider trading stained glass and fish with each other. Portugal can gain from specialization and trade as long as it receives more than of fish for each pane of stained glass it exports to Austria. Similarly, Aus..
If you are near graduation and plan to start your new job in 3 weeks, how does the Bureau of labor statistics classify you? Unemployed, employed or notin labor force.
q.which of the government policies below is not likely to encourage per capita economic growth?in the latter end of
Let's use the model of inter temporal consumption choice to consider the behaviour of a hypothetical individual. This person is not liquidity constrained and is endowed with an exogenous amount of income in each of the current and the future periods.
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