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You are the CEO of a bus company. Now the company is charging $5 per trips for everyone who takes the bus. You want to increase the total revenue of the bus company. Use the demand schedules below to answer the following questions.
a) What is total revenue for Adult group? What is total revenue for child group?
b) Which group has a more elastic demand for bus service?
C) Which market has the more inelastic demand?
D) What is the elasticity of demand between the prices of $5 and $2 in the adult market? Is this elastic or inelastic?
e) What is the elasticity of demand between $5 and $2 in the children's market? Is this elastic or inelastic?
A certain college graduate, Sallie Evans, has $24,000 in student - loan debt at the end of her college career. The interest rate on this debt is 0.75% per month. If monthly payments on this loan are $432.61, how many months will it take for Sallie to..
After graduation, you have been offered an engineering job with a large company that has of?ces in Tennessee and Pennsylvania. The salary is $55,000 peryearateitherlocation.Tennessee’s tax burden (state and local taxes) is 6% and Pennsylvania’s is 3...
Find the mean and the standard deviation of a Binomial Distribution with n = 65 and p = 0.32
Describe the free trade equilibrium. Then compute and graph the following effects of an import quota that limits imports to 100 bags.
Write a two page essay describing an experienced entrepreneur that you know. This person could be a friend, a family friend or a relative. If you don’t know an entrepreneur, do some networking through friends and family to find one. Explain which ent..
The inverse demand for a homogeneous-product Stackelberg duopoly is P = 12,000 -5Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 3,000QL and CF (QF) = 6,000QF.. Determine the equilibrium output level for both the le..
A car manufacturing company adopts a new technology that, ceteris paribus, increases the productivity of capital. At the same time, workers unionize and demand higher wages. Assume that for this firm capital and labor are substitutable. Which of the ..
In a market served by a monopoly, the marginal cost is $60 and the price is $110. In a perfectly competitive market, the marginal cost is $60. What would happen to the price in each market if the marginal cost increased from $60 to $75?
What are externalities? How might they lead to overproduction? How might they lead to underproduction?
Why is the price elasticity of demand for Coca-Cola greater than price elasticity of demand for soft drinks generally? Briefly discuss.
Why do some economists claim that the most important feature of any exchange rate system is its credibility?
A producer of outdoor clothing used a focus group to obtain information about the demand for fleece jackets with? built-in battery operated warming panels. What is the price? coefficient's standard error? What is the t-statistic?
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