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The New York Times reported (Feb. 17, 1996) that subway ridership declined after a fare increase:
“There were nearly four million fewer riders in December 1995, the first full month after the price of a token increased 25 cents to $1.50, than in the previous December, a 4.3 percent decline.”
a. Use these data to estimate the price elasticity of demand for subway rides.
b. According to your estimate, what happens to the Transit Authority’s revenue when the fare rises?
c. Why might your estimate of the elasticity be unreliable?
Consider the demand for mobile phones. Suppose the price elasticity of demand for the market as a whole is .80. A. If all mobile-phone companies simultaneously increased their prices, will total revenue in the industry increase of decrease.
state whether each of the following events will result in a movement along the demand curve for McDonald's big Mac hamburgers or whether it will cause the curve to shift. If the demand curve shifts, indicate whether it will shift to the left or th..
You are manager of BlackSpot Computers, which competed directly with Condensed Computers to sell high-powered computers to businesses. From the two businesses' prospective, the two products are indistinguishable.
. Abstracting out this income effect would leave the quantity of X unchanged. On the other hand, beyond the switch point, only Y is consumed and no changes in Px will have any income or substitution effect.
Unlike the physical supply chain, inefficiencies characterize the financial supply chains of most companies.
Illustrate what are the factors which involve the provide also demand of which good or service. How do you expect the demand also provide of which good or service to change in the next yr.
If Anne is planning to invest her loan in an asset which she hopes to turn a profit on, Illustrate what is the minimum rate of return she needs to earn.
How do the GDP per capita change after accounting for price indices. Why is it important to use price index adjustments.
Compute the company's total costs, and graph the revenue curve and the total cost curve. Do the curves have the shape you expect. Over what range of production is the company making pro ts.
Liberty Airways is considering an investment of $800,000 in ticket purchasing kiosks at selected airports. The kiosks have an expedited life of four years. Extra ticket sales are expected to be $60,000 per year at a discount price of $40 per ticket. ..
A price index for nonresidential construction was 14 in 1949, 92 in 1987, and 114.5 in 2000. As per to these numbers the hospital cost about how much in 2000 dollars. Explain the price of a good is above equilibrium.
Describe what a manufacturer of each product might do in the short run to raise production.
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