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Elasticity cases, transport and vanity plates
Economists have estimated the following transportation elasticities. For each pair, explain possible reasons why the elasticities differ. a. elasticity of demand for buses is 0.23 during peak hours and 0.42 during off-peak hours b. elasticity of demand for buses is 0.7 in the short run and 1.5 in the long run c. elasticity or demand for toll roads is 4.7 for low-income commuters and 0.63 for high-income commuters.
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A study found that in California, where car vanity license plates cost $28.75, the elasticity of demand was 0.52. In Massachusetts, where vanity plates cost $50, the elasticity of demand was 3.52. a. Assuming vanity plates have zero production cost, was each state collecting the maximum revenue it could from vanity plates? Explain your reasoning. b. What recommendation would you have for each state to maximize revenue? c. Which state was most likely to be following a political unsupportable policy?
Eluciadte the work of how the answer was derived. David Upton is president of Upton Manufacturing.
From this information, can you devise a general rule explaining how the Herfindahl-Hirschman index is affected when exactly two firms in the market merge? (Hint: compare a2 + b2 with (a + b) 2)
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
Political business cycle: Do economic events affect presidential elections? To test this so-called political business cycle theory, Gary Smith 20 obtained the following regression results based on the U.S Presidential elections for the four yearl..
Explain the effects of these shocks on the price level, real GDP, and the nominal interest rate. Use an upward-sloping, short-run supply curve in your analysis.
Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?
Explain how does the Central Bank measure the money supply in the contary. Does the Central Bank have an interest rate policy.
What are the two problems facing the Bank of Canada in trying to control the money supply precisely?
From the regression output, estimate the demand function when income is $40,000 and price is $2 per gallon. Explain the result in terms of R-square, T-test, F-statistic, and signs of each X variables.
Explain how would the edgeworth box change. How would the production possibilities frontier change as a result
Three natural resources as well as products that could be traded abroad based on the principles of comparative advantage for India.
Explain the advantages and disadvantages of using a change in the tax rate to achieve the desired increase in output.
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