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In Atlanta, the price elasticity of demand for bus rides is -0.5, the income elasticity of demand for bus rides is -0.1 and the cross price elasticity of demand for bus rides with respect to gasoline is 0.2.
Is the demand for bus rides elastic or inelastic with respect to the price of a bus ride? Why?
Would an increase in bus fares increase the bus company’s total revenues? Explain your answer.
Describe the relationship between bus rides and gasoline. Explain
If the price of gasoline increases by 10% with no change in the price of a bus ride, how will the number of bus rides change?
If incomes in Atlanta increase by 5% with no change in the price of a bus ride, how will the number of bus rides change? Is a bus ride a normal or inferior good? Why?
Show the effects of the Fed's contractionary monetary policy by shifting one or both of the curves.
The Port Authorities of New York and New Jersey estimate that the annual net revenues for the George Washington Bridge (GWB) will total $13M by the end of this year (t=1). At the end of three years (t=4) you expect a toll increase of 10%. Revenues wi..
As additional units are produced, the marginal revenue product falls for all firms because marginal product decreases. For firms operating in industries that are not perfectly competitive, marginal revenue product also falls because
In the absence of government interference, there is a constant marginal cost of $5 per ounce for growing marijuana and delivering it to buyers. If the probability that any shipment of marijuana is seized is 0.20 and the fine if a shipper is caught is..
q.the bolt-making industry currently consists of 20 producers all of whom operate with the identical short-run total
What are some obstacles your firm might face with production in another country - What impact would that have on your firm?
Three independent projects are available for a secret government agency. The estimated costs associated with each alternative are given below. Use the conventional B-C ratio method to determine which alternative(s), if any, should be selected at an i..
Find the consumer's price index (CPI) for the last 50 years. Find the equivalent buying power in 2014 for an amount of $4000 in 1997?
Explain how marginal analysis affects goods and services, efficiency, equity, and the market economy.
What is the -maximing combination of labor and capital the firm should use? What is the resulting level of output? What is the economic profit? Is this the least costly way of of producing the profit-maximizing output?
During the same period, retail sales in Japan fell 1.8 percent in real terms. What are some possible explanations for retail sales to consumers falling when GDP rises?
Explain your intuition as to why premia rise between April and September. Which of options above has lowest time value.
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