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The total operating revenues of public transportation authority are $100 million while its total operating costs are $120 million. The price of a ride is $1, and the price elasticity of demand for public transportation has been estimated to be -0.4. by law, the public transportation authority must take steps to eliminate its operating deficit. (a) What pricing policy should the transportation authority adopt? (Should the transportation authority increase or decrease the price per ride based on the price elasticity of demand?) (b) What price per ride must the public transportation authority charge to eliminate the deficit if it cannot reduce costs? (Increase the price of a ride from $1 to be $1.50, and 50 percent increase in price. Given the price elasticity of demand of -0.4, calculate the percentage change in the ride and the total new rides with the original rides being 100 million = $100 milion/$1) using equation: point price elasticity of demand = Ep=change in quantity/ change in price times price/quantity. Then use the total new rides time the new price of $1.5 to obtain the new total revenue.
What would happen to each of the following economic varibles if the government increased the money supply by 20% per year: M1, interest rates, inflation and wages What impact does increasing or decreasing the printing of money have on the economy ..
Rent-seeking behavior results in a)increased economic activity by promoting efficiency b)lower economic acitivity by diverting resources to less-productive uses c)a more equitable distributionof income and wealth
What about lowering interest rates and increasing money supply (i.e., monetary policy) If you were the chair economic advisor to the President of the United States, what would be your advice to him What does the Scripture have to say about money
Use supply or demand graphs to examine shifts in supply and demand and resulting changes in market equilibrium in the condition below.
Textbook publishers have traditionally manufactured both United States and international editions of most leading textbooks. The United States version typically sells at a higher value than international edition.
Consider an economy with a constant nominal money supply, a constant level of real output Y = 100, and a constant real interest rate, r = 0.10.
In what way does the Bill of Rights protect individuals' freedom to engage in business activities. it recognizes property righs or else.
Vaccination schedules are predictable, meaning insurance coverage for vaccinations does not protect consumers against risks. Insurance coverage for vaccinations drives up costs because more people get vaccinated if coverage is available and becaus..
What is the first order condition for profit maximization for firm 1? compute the optimum quantity x1 for firm 1 as function of quantities x2 and x3.
To maximize profits, a perfectly competitive firm should produce until: price is greater than average total cost.marginal cost is equal to price. average total cost is minimized. per unit profits are maximized.
What are the major reasons a multinational corporation would engage in Foreign Direct Investment (FDI)? Explain the factors in Michael Porter's "Five Forces Model" which affect the capability of any firm in an industry to earn the profit.
Why do people hold bonds rather than larger savings account or checking account balances Under what circumstances might they change their portfolios, moving their funds out of bonds and into bank accounts
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