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Skyscraper City has a subway system, for which a one-way fare is $1.50. There is pressure on the mayor to reduce the fare by one-third, to $1.00. The mayor is dismayed, thinking that this will mean Skyscraper City is losing one-third of its revenue from sales of subway tickets. The mayor's economic adviser reminds her that she is focusing only on the price effect and ignoring the quantity effect. Explain why the mayor's estimate of a one-third loss of revenue is likely to be an overestimate. Illustrate with a diagram.
If boyh bid the same amount, the $100 is split evenly between them. assume that eac of them has only two $1 bills on hand, leaving three possible bids: $0, $1,or$2 Write out the payoff matrix for this game and then find it's Nash equilibrum
Discuss the impact of the minimum wage when there are two sectors in the economy, one is subjected to the minimum wage and the other is not.
What factors determine the elasticity of resource demand? What effect will each of the following have on the elasticity or location of the demand for resource C, which is being used to produce product X? Where there is any uncertainty as to the outco..
What is economics - What role does economics play in your personal and organizational decisions?
A rope of negligible mass is stretched horizontally between two supports that are 3.44 m apart. When an object of weight 3160 N is hung at the center of the rope, the rope is observed to sag by 35.0 cm. What is the tension in the rope?
The debate between utilizing paper or plastic in the retail market has and will always be around. The majority of grocery stores offer you the choice of paper or plastic, and some stores are even moving towards a more environmental friendly reusable ..
1.Explore why lump sum tax, even though efficient are rarely used.2.Using demand and supply analysis, discuss how a tax on labour income (hours of work available is fixed) creates excess burden between the paid and unpaid labour markets.
The concise definition of economics is the study of choice under scarcity. Let's use this concept to analyze a recent decision that you made. Should we only evaluate monetary costs, or are there other non-monetary costs we must consider
Find the expression for the steady state capital stock
How could we argue that these markets are notcompetitive and could each firm face a demand curve that is not perfectly elastic?
Describe the method of contingent valuation for measuring the economic impact of crime. What are the advantages and disadvantages of this method relative to trying to measure the cost of crime directly
Do you believe in the idea that governments should run surpluses in good years only to spend their way out of a recession in bad years Why do we often see government revenues and spending change when we are in a recession. Why or why not
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