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Skyscraper City has a subway system, for which a one-way fare is $1.50. There is pressure on the mayor to reduce the fare by one-third, to $1.00. The mayor is dismayed, thinking that this will mean Skyscraper City is losing one-third of its revenue from sales of subway tickets. The mayor’s economic adviser reminds her that she is focusing only on the price effect and ignoring the quantity effect. Explain why the mayor’s estimate of a one-third loss of revenue is likely to be an overestimate.
Discuss how government intervention to address a market failure might worsen the situation. Provide an example of where government intervention does work and why that is so.
Briefly explain why the three variables are appropriate explanatory variables to predict the consumption of services or why they are related to consumption.
What will happen to the price of asset A and what about the nominal interest rate on asset A and explain how an open market purchase leads to an increase in the money supply when the central bank pays for it with reserves - even though reserves th..
What would you learn about an economy if you determined that its GNP was growing more quickly than its GDP?
The US hegemonic status has been a subject of heated debate, especially after the 2008 financial crisis. In your opinion, will the U.S. lose its hegemonic status? If so, which country is likely to replace the U.S. to become the next hegemony?
Under what conditions would WTO allow countries to impose (practice) the following (be specific)?
Suppose that the production function is y=ka, where y and k denote production per unit of effective labor and capital per unit of effective labor, respectively. Suppose also that the saving rate, the depreciation rate, the growth rate of the populati..
What is the difference between a production function and an quant. Explain the law of variable proportions with the help of quant.
Insurers want to understand the Bay Area market for pediatric physician primary care services, to help decide the appropriate reimbursement rate for a pediatric primary care visit. Let the demand for pediatric visits be Q = 240 – P, and let the suppl..
q1. how an airline executive might use tourism economics relating to passengers load factors ticket prices discounts
Elucidate the multiplier concept as it applies in this case. What are the qualifications and limitations of the multiplier model.
The government budget is balanced, with government purchases and taxes both fixed at $1,000. Net exports are$100. Investment is $600. Find equilibrium GDP
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