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Discussion Question
To save on gasoline expenses, Edith and Mathew agreed to carpool together for traveling to and from work. Edith preferred to travel on I-20 highway as it was usually the fastest, taking 25 minutes in the absence of traffic delays. Mathew pointed out that traffic jams on the highway can lead to long delays making the trip 45 minutes. He preferred to travel along Shea Boulevard, which was longer (35 minutes), but rarely had traffic jams. Edith agreed that in case of traffic jams, Shea Boulevard was a reasonable alternative. Neither of them knows the state of the highway ahead of time. After driving to work on the I-20 highway for 1 month (20 workdays), they found the highway to be jammed 3 times.
Assuming that this month is a good representation of all months ahead, should Edith and Mathew continue to use the highway for traveling to work?
How would you conclusion change for the winter months, if bad weather makes it likely for traffic jams on the highway to increase to 6 days per month?
How would your conclusion change if Mathew purchased a new smart-phone app that could show the status of the highway traffic prior to their drive each morning, thus reducing the probability of them getting into a jam down to only 1day per month (where on this day, the app showed no traffic jam, but a jam developed in the meantime as they were driving along the highway).
The individual demand curves for food for 2 households. These are household A and household B. The demand for household A for food is given.Calculate the market demand for food.
Rail Tours sells packaged tours on rail lines, including gourmet meals and a reserved bed. The most popular tours are in the autumn when colors are at their peak. The overnight package for Saturday and Sunday morning are especially heavily booked.
A couple with an 8 year-old daughter have thus come to you for financial advice. They would like to save for their daughter's college expenses in advance. Assuming that she enters college 10 years from the present, they estimate that an amount of ..
Paul Volker was chairman of Federal Reserve system in the late 1970 and through most of the 1980.
Using 2 clearly labeled graphs, demonstrate the outcomes from each of these policies on the market (price and quantity) for domestically produced beets.
For each of the following events, state whether the aggregate demand curve would increase, decrease, or stay the same.
That means that businesses, consumers and whole societies face tradeoffs whenever they make a decision.
how would market forces affect the amount of time the proven oil reserves will last assuming no new oil reserves are
Suppose that consumer spending initially rises by $5 billion for every 1 percent rise in household wealth and that investment spending initially rises by $20 billion for every 1 percentage point fall in the real interest rate. Also assume that the..
How does technological advance enter into the definition of the very long run? Which of the following are examples of technological advance, and which are not: an improved production process; entry of a firm into a profitable purely competitive in..
Assume that the banking system has total reserves of $200 billion. Assume also that the reserve ratio is 40 percent and that there is no currency in this economy.
Explain how much control might an organization have over pricing based on a product's elasticity
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