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Projecting Transit Ridership. As a transit planner, your job is to predict ridership and total fare revenue. Suppose the short-run elasticity of demand for commuter rail (over a one-month period) is 0.60, and the long-run elasticity (over a two-year period) is 1.60. The current ridership is 100,000 people per day. Suppose the transit authority decides to increase its fares from $2.00 to $2.20.
a. Predict the changes in train ridership over a onemonth period (the short run) and a two-year period (the long run).
b. Over the one-month period, will total fare revenue increase or decrease? What about the two-year period?
David Ding advertises on a local radio station. For the past sixweeks, the manager has kept records of the number of minutes ofadvertising that were purchased, and the sales for that week. Week1, 2 minutes of advertising with $1.400 in sales.
The Federal tax code allows businesses but not individuals to deduct the cost of health insurance premiums from their taxable income. Consider a company named HeadBook that could either spend $5000 on an insurance policy for an employee named Vane..
Determine the proper equations to find PW of each machine. The cost of money is 10% per year. Machine X Machine Y Initial cost, $ -55,000 -46,000 Annual cost, $/year -10,000 -15,000
Suppose that there is a consumer who consumes 2 types of goods: Good A and Good B. The consumer has $84 and the price per unit of Good A is $4 and the price per unit of Good B is $7.
One of these is the Standard model, while the other is the Deluxe model. The profit per unit on the Standard model is $60, while the profit per unit on the Deluxe model is $40. The Standard model requires 20 minutes of assembly time
Consider the following total benefit (TB) and total cost (TC) functions and the corresponding marginal benefit (MB) and marginal cost (MC) functions: TB = 150 + 28 Q - 5 Q2 MB = 28 - 10 Q TC = 100 + 8 Q MC = 8 generally MNB = MB - MC. Derive the eq..
Does either player have a dominant strategy here?
The inverse-market demand curve for DRAM chips is P = 50 - Q, where Q is the total industry output and P is the market price. The marginal cost of producing DRAM's is $15. There are no fixed costs associated with producing the chips.
Develop a theory or hypothesis about some economic relationship - draw conclusions to support your theory. Include at least six (6) references (no more than three years old) from material outside the text(s).
Global Investment Group operatesin a perfectly competitive industry with the following Cost andRevenue data Average Total Cost = $2.50; Quantity sold =9000 Units; Price Per Unit = $3.50; Marginal Revenue = $3.50;Marginal Cost = $3.50:
Provide an objective basis for quantitatively evaluating sample risk
A firm uses two variable inputs, labor, L, and raw materials, M, with typically shaped isoquants. It pays $20 per hour for L and $5 per unit for M. At the current mix of L and M, the marginal products of L and M are: MPL = 20 MPM = 4
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