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This question requires you to know how to use the elasticity of demand formula. The shares of the automobile and a transit mode along a corridor are 4,500 and 1,000 persons per peak period respectively. The prevailing out-of-pocket costs and travel times associated with the two modes are as follows: ModeTime (minutes)Cost ($) Auto35$2.00 Transit501.00 The elasticities with respect to transit prices have been estimated as: TimeCost Auto 0.050.04 Transit-0.52-0.30 The elasticities with respect to auto prices are: Time (minutes) Cost Auto-0.58 -0.20 Transit0.12 0.03 The city department of transportation is contemplating the opening of an exclusive bus lane that would save an average of 10 minutes per trip. At the same time the city council is holding public hearings on aproposal to raise downtown parking rates and thus cause an increase in automobile travel costs to $2.60. Estimate the effects on peak hour travel demand of both actions combined.
Explain how bank reserves and the discount rates would react to (i) a change in the RRR and (ii) an open market purchase of CB's bonds
Outline includes ideas for: An analysis of the effectiveness of current procedures that are in place for the issue or situation selected Analysis is based on evolutional perspectives on health care economics and economic theories.
If Apple iPod only played iTunes, and iTunes only could be heard on the Apple iPod, could Apple price the technologically integrated bundle any way they wanted? If other electronic music can play on an iPod, what determines whether there are any limi..
The demand for coffee is assumed to be P = 15 - Q (units don't matter here.) The domestic supply of coffee is P = 2 * Q. The world market price of coffee is 5. Using graphs, show who gains and who loses and by how much (both for losers and winners..
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
Which policy – the tax or the subsidy – would cause less pollution to be discharged into the river? Explain.
What were the characteristics of the international division of labour between rich countries and poor countries which evolved in the period 1870--1913?
Determine the appropriate type of market structure for the situation in question. Cite at least four defining characteristics that have helped you reach this decision regarding the appropriateness of the chosen structure.
What does the unemployment figure tell us about where the U.S. economy is in the business cycle? Explain.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
In 1999, the Office of the Under Secretary of Defense projected that the ENR Building Cost Index (BCI) would increase from its 1999 value of 3423 to 4098 in 2012. If the actual value in 2012 was 5167, what was the difference betwee..
Endogenous vs. Exogenous Money. Explain why the supply of money may be considered an "endogenous" variable, rather than an "exogenous variable." Does the "textbook view" treat money as endogenous or exogenous
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