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In Pioneer Ville, the price elasticity of demand for bus rides is 0.5, the income elasticity of demand for bus rides is -0.1, and the cross elasticity of demand for bus rides with respect to gasoline (personal consumption) is 0.2. 3. Is the demand for bus rides elastic or inelastic with respect to the price of a bus ride? Why? Would an increase in bus fares increase the bus company’s total revenue? Explain your answer.
Suppose 1-year T-bills currently yield 7.00% and the future inflation rate is expected to be constant at 4.50% per year. What is the real risk-free rate of return, r*? Disregard any cross-product terms, i.e., if averaging is required, use the arithme..
Compute the firm's profit from part d. Solve algebraically for the profit maximizing quantity (QM) and price (P M). You should get the same answer as in d.
you are a manager in a perfectly competitive market. the price in your market is 45. your total cost curve is cq 10
q.a machine has a first cost of 100000 in todays dollars and a salvage value of 40000 in current dollars at the end of
Demonstrate that inflation is always a monetary phenomenon in the long-run, and explain why it might not always be a monetary phenomenon in the short-run.
You continue to use an old machine tool that was bought four years ago for $15,000. It has been fully depreciated but can be sold today for $2,000. The existing (old) machine tool can be sold today for $2,000. You purchase a brand new machine tool at..
What are the five significant difficulties that policy makers encounter in making decisions? Advantages and disadvantages to communication tools. Be specific.
The invention of a self-milking cow machine allows cows to milk themselves. Not only does this reduce the need for higher-cost human assistance in milking, but it also allows the cow to milk herself three times a day instead of two, leading to both a..
Susan was given 2 packs of bubble gum and 30 hats, and Cathy was given 8 packs of bubble gum and 10 hats. Susan and Cathy derive utility from hats and bubble gum from the following utility functions: Susan
Illustrate the marginal revenue curve that corresponds to positive marginal revenue. Line segments will automatically connect the points.
Population growth in developing nations has proceeded at unprecedented rates ower the past few decades.
you should note whether the scenario indicates a shift of the curve or movement along the curve. you are a supplier of widgets. What technology available to produce your product suddenly improves.
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