User Account

All Pages

Find the short-run competitive equilibrium

Assignment Help Basic Statistics
Reference no: EM13889915

Suppose that there are 95 taxicabs and that the City of Calgary decides that it is time to enter the Industrial Age and provide its citizens with an alternative mode of transportation: light rail transit (LRT). The new demand curve for taxi rides is D( p) = 1000 - 20 p + 1000 f , where f
is the fare per LRT ride, measured in dollars. Suppose that the city council sets f = $1.00.

(a) Find the short-run competitive equilibrium: the price per ride, number of rides per day, and the profit per cab per day. Is the taxicab market in long-run equilibrium?

(b) Suppose the City of Calgary increases the LRT fare to $2.00. What are the new short-run and long-run equilibria?

(c) Suppose the City of Calgary decreases the LRT fare to $0.50. What are the new short-run and long-run equilibria?

Reference no: EM13889915

Questions Cloud

Why might you expect there to be economies of scale : Why might you expect there to be economies of scale in airline transportation? How are the development of hub-and-spoke networks related to economies of scale and scope?
Describe an example of political tides : Describe an example of political tides having sway over public administration decisions. Is a public administrator who alters his/ her position due to political pressures merely responding to the will of the people or neglecting his/ her duties as..
Complete the anova table : a)Complete the ANOVA table. b)  What is the multiple standard error of the estimate?c) What is R2?
What would happen to your biome? : What would happen to your biome?
Find the short-run competitive equilibrium : Find the short-run competitive equilibrium: the price per ride, number of rides per day, and the profit per cab per day. Is the taxicab market in long-run equilibrium?
A psychologist at a private mental hospital : 1. A psychologist at a private mental hospital was asked to determine whether there was any clear difference in the length of stay of patients with different categories of diagnosis. Looking at the last four patients in each of three major categories..
A manufacturer of television sets is interested in effect : A manufacturer of television sets is interested in the effect on tube conductivity of four different types of coating for colour picture tubes. The following conductivity data are obtained.
What kinds of information should those budgets provide : What types of budgets should the manager use to help him achieve his sales goal? What kinds of information should those budgets provide?
Specific enforcement of the agreement and costs : XYZ sues ABC in district court for breach of contract. XYZ is seeking specific enforcement of the agreement and costs. XYZ claims that ABC is bound by the actions of its agent, Mr. Jones. ABC contends that Mr. Jones was not an agent of ABC. ABC st..

Reviews

Write a Review

Basic Statistics Questions & Answers

  Significant treatment effect-two tailed test

If the population standard deviation is σ = 10, can you conclude that the treatment has a significant effect? Use a two-tailed with α = .05.

  Probability that the two bus meet each other

Alice and Bob agree to meet at the bus stop between 12 noon and 1pm. They each arrive at a random time in that interval and wait for 5 minutes before leaving, unless they see the other person. What is the probability that they meet each other?

  Find sample size necessary to estimate a population mean

Determine the sample size necessary to estimate a population mean to within 1 with a 90% confidence given that the population standard deviation is 10.

  The following list is a sampling of the costs of various

the following list is a sampling of the costs of various statistics textbooks used at several colleges. give the upper

  The average thermal conductivity is 715 wmc and the heat

a chromium rod is heated by convection in a furnace at 2100 k. the radius of the rod is 5 mm and its initial

  Creating table for frequency distribution

Create the table for frequency distribution that has 16 class intervals of width 1 inch. Utilize 61.5 inches as lower limit of first interval and 62.5 as upper limit.

  Predict the lean mass for a person

The person's body fat percentage, and ‘y' is the person's lean mass percentage. Predict the lean mass for a person who is 27 years old and has a body fat percentage of 4.5%.

  Three coins are tossed let x be the number of heads

1. three coins are tossed. let x be the number of heads obtained. the probability distribution for x if given x 0 1 2

  Probability that cell phone sold last month had camera

Camera, 28% had a music player, and 22% had both. What is the probability that a cell phone sold last month had a camera or a music plaer?

  The diameter of bearing shafts that are manufactured in

1. the diameter of bearing shafts that are manufactured in your factory follow a normal distribution with a mean of 1

  Probability that at least one of five not have rh blood

Five persons donate blood at the clinic on a particular day. Find the probability that at least one of the five does not have Rh+ blood.

  Write down an approximation to the distribution of x

Write down an approximation to the distribution of X based on the central limit theorem. How would you expect the success of the approximation to vary with n?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd