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You are employed as an economic consultant to the regional planning office of a large metropolitan area, and your task is to estimate the demand for hospital services in the area. Your estimates indicate that the own-price elasticity of demand equals –0.35, the income elasticity of demand equals 0.10, the cross-price elasticity demand for hospital services with respect to the price of nursing home services equals –0.15, and the elasticity of travel time equals –0.22. Use this information to project the impact of the following changes on the demand for hospital services. Show your calculations. a. Average travel time to the hospital goes down by 10% due to improvements in the public transportation system. b. The price of nursing home care decreases by 10%. c. Average real income increases by 4%. d. The hospital is forced to increase its price for service by 10%.
The federal government currently taxes alcohol on the basis of the 100-proof gallon. (Alcohol that is 100 proof is 50 percent pure ethyl alcohol; whereas wine is usually about 24 proofs, and most beer is 6-10 proof.) How would alcohol consumption pat..
In a market where government has set the maximum price below the equilibrium price, one might expect:
The 2008 Congressional farm bill contains subsidies for corn-based ethanol production. Currently, corn grown for ethanol production accounts for 24% of the total corn crop grown in the U.S. How does this subsidy impact the market for corn grown for e..
Illustrate what is standard inconsistent cost. Illustrate what is the marginal cost.
According to the concept of limited liability, the liability of shareholders of a company is restricted to the face value of shares. They have no personal obligation for the liabilities of the company. How does the concept of limited liability impact..
Describe the key differences between simulation models and the models covered in previous modules, not only from the perspective of their applications, but also from the perspective of computing/solving the models
Holloman Hops has a budgeted $300,000 per year to pay for labor over the next 5 years. If the company expects the cost of labor to increase by $10,000 each year, and the interest rate is 10%, what is the expected cost of the labor in the first year?
What is the third world debt crises that was primarily attributed to the recycling of Petro dollars in 1970s and 1980s by International Banks in financing the development process of a several developing countries in Asia, Sub-Saharan Africa and Latin..
All farmers in Trivialand are self - employed and sell all of their wares to Super Duper. Elucidate the costs incurred by all of Trivialand's busines.
q1. suppose demand and supply are given by qd 7-12px and qs14p-12determine the equilibrium price and quantitysuppose a
Illustrate what principles should guide policy makers. Should they cut spending and raise taxes to reduce the national debt over time. Or does the level of the national debt really matter.
which her costs are measured is time. Illustrate what is the total cost to hildegard of finding a new plot of grass and getting y units of grass from it.
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