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The New York Times reported (Feb. 17, 1996, p. 25) that subway ridership declined after a fare increase: "There were nearly four million fewer riders in December 1995, the first full month after the price of a token increased 25 cents to $1.50, than in the previous December, a 4.3 percent decline."
a. Use these data to estimate the price elasticity of demand for subway rides.
b. According to your estimate, what happens to the Transit Authority's revenue when the fare rises?
c. Why might your estimate of the elasticity be unreliable?
1. How does the increase in the monetary base change the quantities of M1 and M2? Why? 2. How did the change in monetary base influence short-term and long-term nominal interest rates? Why?
The American Revolution also fostered a second revolution: Would emancipation have occurred without the American Revolution?
Consider the following model where Y = monthly changes in the AAA bond rate, X = monthly change In the three month Treasury bill rate (TB3).
Given the data of real disposable income and real consumption, draw consumption function, determine the slope-What is the marginal propensity to consume?
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What is the main idea in this video? How has viewing this video changed your view of marketing companies whose chocolate products we buy?
Describe the price level trend based on the inflation rate. Research and discuss Government's measures to achieve stable price.
Create a scatterplot with age on the horizontal axis and the log of price on the vertical axis. Do older wines tend to sell for more than younger wines? Does an older wine always sell for more than a younger wine?
Suppose that inflation is 2 percent, the federal funds rate is 4 percent, and real GDP is 2 percent above potential GDP. According to the Taylor rule, in what direction and by how much should the Fed change the real federal funds rate?
The company articles of incorporation and state laws place no restriction on the sale of stock to outsiders. An unexpected opportunity to expand arises that will require an additional investment of 14 million.
As a manager of a chain of movie theaters that are monopolies in their respective markets, you have noticed much higher demand on weekends than during the week. You therefore conducted a study that has revealed two different demand curves
The equilibrium price for physiotherapy visits is $30 and the quantity utilized is 150 visits as a result of the demand and supply conditions in this diagram. The state legislature is concerned that the current price does not give the physiotherap..
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