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Elasticity cases, transport and vanity plates
Economists have estimated the following transportation elasticities. For each pair, explain possible reasons why the elasticities differ. a. elasticity of demand for buses is 0.23 during peak hours and 0.42 during off-peak hours b. elasticity of demand for buses is 0.7 in the short run and 1.5 in the long run c. elasticity or demand for toll roads is 4.7 for low-income commuters and 0.63 for high-income commuters.
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A study found that in California, where car vanity license plates cost $28.75, the elasticity of demand was 0.52. In Massachusetts, where vanity plates cost $50, the elasticity of demand was 3.52. a. Assuming vanity plates have zero production cost, was each state collecting the maximum revenue it could from vanity plates? Explain your reasoning. b. What recommendation would you have for each state to maximize revenue? c. Which state was most likely to be following a political unsupportable policy?
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
The California Instruments Corporation, a producer of electronic equipment, makes pocket calculators in a plant that is run autonomously. What price should the manager charge for the calculators?
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
The Microsoft trial has been only one of the biggest investigations of antitrust behavior as the turn of the century.
Consider a monopolist facing demand curve Q = 100 - P. MC=AC=$20. Find out the monopoly price, profits, and consumer surplus.
Find the optimal (profit maximizing or cost minimizing) output of each firm. Find the price that each firm charges at the when producing the optimal output.
Two identical firms face linear demand. Market demand is given by P=30-Q.Solve for Stakelberg equilibrium prices and outputs.
The financial analysis department at MorTex estimates that the price of a textile machine is $ 600 per day. Can management reduce the cost of assembling 5,400 units per day by purchasing a textile machine and using less labor? Why or why not?
Compute the income elasticity also elucidate how sale of the novels would change during a period of rising incomes.
Mention and explain the two types of inflation. Which sort of inflation would most likely be associated with the negative GDP?
Fiscal policy also decrease the dollar like monetary policy.
Compute the total cost of providing this insured service to the plan before and after the change in coverage.
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