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In a city, the Taxi industry is regulated by the Government Taxi Authority. A company can only supply taxi services, if it is issued a licence by the Government taxi Authority. (Note: A licence does not place a limit on the number of taxi trips a company can supply.) The market for taxi trips in City has the following characteristics: Inverse demand for taxi trips is given by the function, P = 90 − Q/ 1000 In this equation, P is the price of a taxi trip, and Q is the total quantity of taxi trips supplied by licensed shuttle taxi companies. The marginal cost, to a taxi company, of supplying a taxi trip is $18. A taxi company’s only fixed cost is the cost of purchasing a licence from the Government Taxi Authority.
Question
Explain why the Government Taxi Authority has an incentive to only issue one licence. What problem does the Government Taxi Authority create if it only issues one licence?
X-Corporation produces a good (Called X) that is a normal good. Its competitor, Y-Corp makes a substitute good that it markets under name "Y." Good Y is an inferior good. How will demand for good X change if consumer incomes increase.
Illustrate what direction wills each of the subsequent occurrences shift the consumption also saving schedules, other things equal.
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A geothermal heat pum can save up to 84% of the annual heating and cooling bills of a certain home in the norotheaster US. In this region, the yearly cost of conventionally heating and cooling a 2,000 square foot house is about $2,900. The maximum am..
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Donna buys goods X and Y. She can just afford the bundle X=6 and Y=11. She can also afford X=12 and Y=8.Each of these bundles exhausts her income. Draw Donna's budget line. What is the ratio of the price of x to the price of y? If Amy spent her entir..
Explain why government regulation is or is not needed, citing the major reasons for government involvement in a market economy. Provide support for your explanation.
q.use the following table to answer questions a-c.output q0 1 2 3 4 5 6total costtc36 45 52 61 74 91 110a. what is the
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