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Scenario:
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.
Questions:
a. Compute the price elasticity of demand for subway rides.
b. If the transit authority reduces the fare back to 50 cents, what impact would you expect on the ridership? Why?
Constrained optimisation model
Using an aggregate supply diagram and aggregate demand or model of the economy, graphically explain and discuss the short-run and long-run effects.
Write down the household's budget constraints for period 1 and 2 and identify the current account.
The Business Cycle is the short-term fluctuations in the economy relative to the long-term trend in output; the recurring and fluctuating levels of the GDP growth rate over time.
Solve the partial derivative
An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the information given.
What will the economic impacts of maintaining lower CO 2 emissions in the aggregate for the Turkish economy?
n a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production.
What are the various methods of inventory valuation? Explain the effect of inventory valuation methods on profit during inflation. What are the provisions of Accounting Standard 2 (AS-2) with regards to inventory valuation?
The atmospheric pressure of 100k Pa acts on the other side of the piston. The gas is heated until the volume is doubled and the final pressure is 500 kPa. Calculate the work done by the gas.
What are the profit-maximizing price and quantity? What will be the profits at these price and output levels?
Current economic theory and their application or lack of application to contemporary economic problems
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