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Suppose that the demand function for regional airline Eastern Shuttle, Inc., is Q = 52,000 - 100P + 500PR + 0.45I where PR is the average price of rail service in their service area and I is the average income in the metro area. If P = $400, PR = $20, and I = $40,000, answer the following: (a) What is the price elasticity of their airline tickets? Is demand elastic or inelastic at this price? (b) What is the cross-price elasticity with respect to rail service prices? Is rail service a complement or substitute good? (c) What is the income elasticity? Are airline tickets a normal or inferior good? Cyclical or Noncyclical?
In 1990, the ratio of Japanese to US labor productivity in the steel and consumer electronics industries were estimated to approximately 1.4 and 1.12. What country has the comparative advantage in producing steel and what country has the comparative ..
Why does it make sense for a firm to shut down in the short run if the price falls below minimum average variable cost?
Consider a person who can work up to 80 hours each week at a pre-tax wage of $20 per hour but faces a constant 20% payroll tax. Under these conditions, the worker maximizes her utility by choosing to work 50 hours each week. On a single graph, draw t..
Illustrate in a fully labeled graph the market for information security specialists. Show the market equilibrium wage and quantity (you may just note this in your graph with a “w” and “q” or you may make up a price and amount). Due to a recent increa..
Define cost when used in cost analysis. Make sure you discuss the concept of opportunity cost.
What is the marginal revenue of a firm that sells a product at the price of $15 and the price elasticity of demand for the product is -2? What is the price elasticity of demand of a firm that sells a product for $20 and marginal revenue is $12? Use t..
(Law of diminishing Marginal Utility) Some restaurants offer "all you can eat" meals. How is this practice related to diminishing marginal utility? What restrictions must the restaurant impose on the customer in order to make a profit?
A glass factory sold $1,000,000 of glass to an automobile factory. An automobile factory sold $10,000,000 in automobiles to final consumers. Given these events, calculate the GDP of Autoland using a. the final goods approach. b. the value-add..
Do you feel that it is possible to develop a universal set of ethical standards for business, or do you believe that cultural differences make universal standards impractical and/or impossible?
Consider the second stage of competition between Samsung, HTC and Sony. Once Apply has chosen some output level q1, Samsung, HTC and Sony will compete simultaneously over their product quantities. Write down the best response functions for Samsung, H..
The payoff to a company that enters is its gross profit minus its entry cost, while the payoff to a company that does not enter is 60. Find a symmetric Nash equilibrium in mixed strategies.
Find the profit-maximizing price and quantity in each market and in which market is demand more elastic?
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