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a. In trip calculation, it is observed that a Wal-Mart store driver successfully made a total of 104 trips in a given period of time. During field calculation, it is shown that the calculated number of trips is actually 128. What is the value of the adjustment factor? ____ b. It is shown that the population of New York City, NY is much greater than that of Irvington, NJ. Employment opportunities, malls, social activities and tourist sites in New York City are therefore more than that in Irvington. If attractiveness for New York and Irvington are therefore 1,800 and 180 respectively and if the calculated impedance of migration is known to be 1.57, based on Gravity-Based model, estimate in demands, the number of people who travel between Irvington, NJ and New York City per week. ____ c. Elasticity can be defined as percentage change in demand for a 1% change in decision attribute. For linear aggregate demand, what is the mathematical representation/formula for this statement? You must define the parameters you choose to use for this answer. ____ d. In the City of Joplin, due to weather devastation and hurricane effects, the cost of parking in the local Square has increased by 20%. This change has not only reduced the number of vehicles that travel to the Square by 5%, but it has also forced the inhabitants of Joplin to use buses. Bus trips have therefore increased to 20%. With respect to the cost of parking in the local Square, determine the elasticity of vehicle traffic. ____ e. In the City of Joplin, due to weather devastation and hurricane effects, the cost of parking in the local Square has increased by 20%. This change has not only reduced the number of vehicles that travel to the Square by 5%, but it has also forced the inhabitants of Joplin to use buses. Bus trips have therefore increased to 20%. With respect to the cost of parking in the local Square, determine the elasticity of bus transit. ____
Suppose an economy of two firms and two consumers. The two firms pollute. Firm 1 has a marginal savings function of MS1(e) = 5-e where e is the quantity of emissions from the firm.
Entry of firms in a monopolistically competitive industry is characterized by two "external" effects. What are these effects and how do they affect a monopolistically competitive firm. How are consumers and incumbent firms influenced by these exte..
What is the equilibrium quantity in this market and what is the equilibrium price in this market and what are the resulting output, revenue, cost, and profit of the typical firm?
Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market.Hourly Wage Hours per week
Porter seeks accommodation for a religious practice unique to the Heavenly Masters. Porter's employer has never heard of this religion. In order to determine whether Porter's demand for accommodation is truly based on religion, the employer must d..
Evaluate the 3 goals of the Fed, which are price stability, full employment and economic growth. Which one do you think is the most important goal for the Fed to focus on right now? Also, what would be appropriate monetary policy for the Fed to he..
how many units of each product should she buy in order to maximize her utility. Show this utility maximiz- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change..
How do stocks and bonds differ in terms of the future payments that they are expected to make? Which type of investment (stocks or bonds) is considered to be more risky?
In your own words, describe the law of demand through the income and substitution effects, using a price increase as a point of departure for your discussion.
Analyse the impact of an increase in the price of crops and a (proportionately smaller) decrease in the price of fuel on a low income person who spends most of her income on food (derived from crops).
The college majors that lead to the highest median earnings for both men and women tend to be those that A) are more quantitative and analytical B) stress verbal skills C) require detailed knowledge of political institutions D) are computer-related E..
From the scenario, assuming Katrina’s Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
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