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Elasticity of demand for gasoline and public transport
1. A. Current gas is $1.50 a gallon, avg household income is $100,000 a yr. The quantity demanded is 200 million gallons of gas a week. If gas were to increase to $1.68 a gallon the quantity demanded would fall to 158.7 million gallons a week. If household income increased to $110,500 a yr , the quantity demanded would rise to 208 million gallons a week. Find the income elasticity of demand. Explain whether gas is a normal or inferior product.
B. In 2003 the NY MTA increased subway fares 33%. Ridership before fare change was 1million. Ridership fell 1% (from 1million to 991,000), but discount ridership increased from 25% to 32%. Assume the avg discount far was increased by 10%.(250,000 to 317,120) Without the discount increase, discount ridership would have went up from 250,000 to 350,000. Assume the cross-price elasticity of demand for discount rides with respect to regular fares be X. Isolate the change is discount ridership due to the change in regular fares as part of your calculation of X.
Manufacturing support also selling as well as administrative costs comprise both variable and fixed costs; fixed manufacturing support costs for the present year
skills are required for current also future employees to possess for the organization to be successful
Human service interactions in terms of macro systems-communities and organizations. Empowerment is basically a process to assist people groups, families and communities, individuals, to use their strengths to overcome their challenges.
Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
Suppose the firm raised the price to $4.00 while increasing its advertising expenditure by $100. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule and a demand curve.
Describe the point price elasticity of demand. What is the new point price elasticity if price is raised.
The California Instruments Corporation, a producer of electronic equipment, makes pocket calculators in a plant that is run autonomously. What price should the manager charge for the calculators?
Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.
Suppose that in response to learning that some sick individuals were denied health insurance, the government mandates that insurance companies must offer insurance to everyone at unregulated rates.
Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."
Explain how each of the following scenarios would cause the aggregate demand, short-run aggregate supply, and/or long-run aggregate supply.
As the manager of monopoly, you face potential government regulation. Findout the monopoly price and output.
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