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In Pioneer Ville, the price elasticity of demand for bus rides is 0.5, the income elasticity of demand for bus rides is -0.1, and the cross elasticity of demand for bus rides with respect to gasoline (personal consumption) is 0.2. 3. Is the demand for bus rides elastic or inelastic with respect to the price of a bus ride? Why? Would an increase in bus fares increase the bus company’s total revenue? Explain your answer.
A small dam was constructed for $2,000,000. The annual maintenance cost is $15,000. If interest is 5%, compute the capitalized cost of the dam, including maintenance.
Firms can shift their marginal cost curves to the right, resulting in higher outputs at the same or lower maximum-profit prices. This can be done by
Short-run losses may be incurred in order to gain the future benefits of lower AC that result from greater knowledge and experience. A balance of stability and change must be maintained in an organization to take advantage of knowledge and experience..
Consider a typical short-run AS/AD model which consists of AD and SRAS curves. In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along a curve. Determine which curve is involved and ..
You are the new owner of Drespie Corn Products and Refineries. You are interested in your company's cost and revenue relationships as well as its future pricing strategies.Using Microsoft Excel, graph the data in the completed Template given below. U..
Classmates and comment on their descriptions of the circular flow diagram and factors of production. Discuss how circular flow relates to current economic situations.
Due to McFadden Economists usually interpret Random Choice, in the population sense, as each DM being drawn from the probabilistic choice rule independently and identically. However, Psychologist has maintained that individual DM is actually stochast..
what should it do to increase profit? If the firm is profit maximizing, is the firm in a long-run equilibrium? If not, what will happen to restore long-run equilibrium?
Recall the looser pay winner auction experiment done in class. discuss how these experiments explain why the bidders changed their minds toward wanting to bid well above the value of the prize, even though they refused to do so at the beginning.
Think of a company (such as Apple Computers or Samsung) with which you are familiar. In a response of no less than 250 words, what are the three most relevant environmental categories that need scanning for that company? How have those categorizes im..
The marginal cost to X Co. of supplying an additional tractor to a customer is $300. X Co. sues Mr. Y for breach of contract. How much damages should be awarded to X Co
q1. how was de beers able to control the world price of diamonds over the past several decades even though it produced
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