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Imagine you work as an economist for a particular airline (A). Your job entails estimating the passenger demand for airline travel provided by A. Accordingly, you estimate the following:
Price elasticity of demand for A's service = - 3
Cross elasticity of demand for A's service (with respect to airline B's price) = 2
Income elasticity of demand for A's service = 1
If consumer income falls by 5% (due to a recession), and at the same time airline B lowers its price by 10%, all else equal what would you specifically recommend A due to its price to maintain its quantity of passengers (i.e., lower or raise its price and by what percent)?
Some politicians have suggested that the United States enact a constitutional amendment requiring that the Federal government balance its budget annually. Such an amendment, if strictly enforced, would force the government to enact a contractionary f..
The following chart shows the hourly wages of a sample of certified welders in the Atlanta,Georgia, area. About how many welders earn less than $10.00 per hour? About 75 percent of the welders make less than what amount? Ten of the welders studied ma..
Consider again the problem described in appendix 3A, and show that the expected utility. What problems may arise from having too many participants in a ROSCA?
Assume you had the following observations on U.S. intercity rail travel: Between 1990 and 1993 rail travel increased from 17.5 passenger miles per person to 19 passenger miles per person.
review the it diffusion models select two models then compare and contrast how these models would facilitate a company
The marginal cost of educating a student is a constant $4,000 a year and education creates an external benefit of a constant $2,000 per student per year.
What are the underlying reasons for changes in exchange rates in the long run? What criteria were needed for EMU to proceed?
Which of the following have traditionally been considered natural monopolies? Public universities, Public golf courses, public parks,public utilities
Why should Americans care about extreme poverty in Haiti, Ethiopia, or Bangladesh?
Consumers can make costly mistakes when not enough information is available. Which of the following represents a market solution to obtaining costly information?
If the price of X drops from $1 to 80 cents, and the quantity rises from 2,000 pounds purchased to 3,000 pounds purchased what can we say about the relationship between total revenue from the sale of X and the value of the price elasticity of dema..
How might revenue for the electricity industry change if one power plant were shut down for maintenance, reducing supply?
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