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The Metropolitan Transit System recently announced a 50% increase in the price of a transit ticket. The administrators said that they needed an increase in revenue to cover their rising costs. Explain the economic rationale for this decision.
The objective of the administrators is to increase revenue to cover rising costs. If they increase the price of a transit ticket to increase revenue, then the administrators must believe that the demand for transit services is ( elastic, inelastic, unit elastic) in this price range.
Assume that a monopolist has a demand curve given by P = 1500 - 4Q, and T C = 100 + 5Q2 with MC = 10Q. Calculate the dead weight loss. Calculate the producer surplus
Cyclical unemployment and the natural rate of unemployment are sometimes hard to distinguish from each other, so economists are not very confident about estimates of the natural rate of unemployment. Still, since unemployment rates are consistently h..
Disks, paper, and printer cartridges will cost him $120 per year. The lease payments are $80 per month, and there is a security deposit of $500.
Paper creates a fundamental contradiction. Your task was to recommend policies to protect the industry in the event of the next economic crisis. Your main recommendation was to open the industry and allow more competitors into the industry.
In the late 1990s, several East Asian countries used limited flexibility or currency pegs in managing their exchange rates relative to the U.S. dollar.
What is the duopoly Cournot equilibrium - that is, the quantities produced by each firm - if the market demand function is q(p) = 1000 - lOOOp, and each firm has a cost of $0.28 per unit?
Determine the number of souvenir coins that must be sold per year to justify the purchase of a $6000 stamping machine.
When China reformed state-owned enterprises, it tried a new approach to choosing managers: it put managerial jobs up for auction. The bids for the jobs consisted of promises of future profit streams that the managers would generate and then deliver t..
If you will receive $1000 in one year (maybe a bonus from your company) and in two years you will receive $1500 ( a second bonus).
Discuss the validity and, where appropriate, the invalidity of each of the following statements, using examples to support your claims. A monetary policy that aims to minimize fluctuations in interest rates promotes financial market stability and thu..
In many states, including Florida, it is illegal to engage in price gouging. Florida’s law penalizes a seller for any “gross disparity between the quoted price of a ‘necessity item’ such as water, and the item’s price on the date that the governor de..
After reading Psalm 99:4, identify and discuss the differences between Constitutional Law, Statutory Law, and Court Decisions (Case Law), as discussed on pages 18-21, at both the Federal and State level. Also discuss how a Court would apply a biblica..
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