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Question: The accompanying diagram shows data from the U.S. Bureau of Labor Statistics on the average price of an airline ticket in the United States from 1975 until 1985, adjusted to eliminate the effect of inflation (the general increase in the prices of all goods over time). In 1978, the United States Airline Deregulation Act removed the price floor on airline fares, and it also allowed the airlines greater flexibility to offer new routes.
a. Looking at the data on airline ticket prices in the diagram, do you think the price floor that existed before 1978 was binding or nonbinding? That is, do you think it was set above or below the equilibrium price? Draw a supply and demand diagram, showing where the price floor that existed before 1978 was in relation to the equilibrium price. b. Most economists agree that the average airline ticket price per mile traveled actually fell as a result of the Airline Deregulation Act. How might you reconcile that view with what you see in the diagram?
Age at onset of dementia was determined for a sample of adults between the ages of 60 and 75. For 15 subjects, M = 67.2 and s = 3.06. Use this information to answer the following:
Of the 60 participants, 16 preferred cupcakes, 26 preferred candy bars, and 18 favored dried apricots. Do these scores suggest that the different foods are differentially preferred by people in general? (Use the .05 significance level.)
However, they have time to make only a total of 110 pins. If their is $4.90 for each giraffe and $1.25 for each frog, what is their maximum profit?
The Shakey Company can finance the purchase of a new building costing $2 million with a bond issue, for which it would pay $100,000 interest per year.
Suppose that a company produces three different products. The sales for each product are independent of the sales for the others.
Using a two-person/two-good exchange model, show with diagrams that: the competitive equilibrium is Pareto optimal.
Valencia Products makes automobile radar detectors and assembles two models: LaserStop and SpeedBuster. The firm can sell all it produces. Both models use the same electronic components.
Which points in the digital line form open sets? Which form closed sets? For the points which are not closed, find the smallest closed set containing that point
The life span is normally distributed with a standard deviation of 500 hours. The firm is considering a 3,800 hours' warranty on the circuit board. If this warranty policy is adopted, what proportion of circuit boards should the firm expect to rep..
A helium-filled balloon rises until its density becomes the same as that of the surrounding air. If a sealed submarine begins to sink, will it go all the way to the bottom of the ocean or will it stop when its density becomes the same as that of t..
There are two identical firms in an industry, 1 and 2, each with cost function Ci = 10Xi, i = 1,2. The industry demand curve is P = 100 - 5X.
Suppose that x1, IN(?2). What is the (asymptotic) distribution of the least squares estimator ? Just state the result. Proof not required.
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