Officials at city bus corporation increased fares

Assignment Help Microeconomics
Reference no: EM131009492

Officials at City Bus Corporation increased fares(prices last year and were surprised to find that total revenue fell that year instead of increasingas expected. This tells us that

A) the demand for bus rides is income elastic.

B) the demand for bus rides is price inelastic.

C) the demand for bus rides is price elastic.

D) bus rides are inferior goods.

E) someone at City Bus Corp. is embezzling funds because a fare increase should havemeant an increase in total revenue.

Reference no: EM131009492

Questions Cloud

Relationship to healthcare organizations : Identify external competitive forces in relationship to healthcare organizations. Why is it important to know what external competitive forces are or who they are? Relate external competitive forces to a strategic plan.
Determining the relationship to healthcare organizations : Identify external competitive forces in relationship to healthcare organizations. Why is it important to know what external competitive forces are or who they are? Relate external competitive forces to a strategic plan.
The fundamental theorem of welfare economics : The Fundamental Theorem of Welfare Economics tells us, roughly, A) that high welfares are very important to the individuals who live in an advanced economy. B) that you cannot have more of one thing without having less of at least one other thing.
What is your role in the decision-making processes : In this situation, what is your role in the decision-making processes that serve to establish an organizational climate oriented to meet business goals
Officials at city bus corporation increased fares : Officials at City Bus Corporation increased fares(prices last year and were surprised to find that total revenue fell that year instead of increasingas expected. This tells us that
Relationship to healthcare organizations : Identify external competitive forces in relationship to healthcare organizations. Why is it important to know what external competitive forces are or who they are? Relate external competitive forces to a strategic plan.
What is the significance of the case : What is the significance of the case? What impact has this case had on the Court, its processes, litigants, government, or society? This analysis is your interpretation and not a summary.
Determine the station speed of the company : Determine the station speed of the company's assembly line assuming that it is set for the operator whose pace is 85% of average (Z value for 85% or 15%=1.04 or, -1.04).
Quantity demanded : Unlike an increase in the "quantity demanded" of a good, an increase in demand for a good A)can be caused by a reduction in the price of an input used to produce the good. B)can be caused by a decline in the "own price" of that good.

Reviews

Write a Review

 

Microeconomics Questions & Answers

  Determine most common problems associated

Determine most common problems associated with multi-project resource scheduling. Next, analyze at least three ways in which outsourcing project work alleviates those common problems that you determined.

  What factors find out demand for british pounds in foreign

why cant all the balance of payments accounts be in surplus? what factors determine the demand for british pounds in

  Calculate the firms profit or loss and

Calculate the values for the four formulas - Calculate the firms profit or loss. Should the firm shut down immediately when the total fixed cost equals $3,000,000?

  What is consumer surplus under the quota

Consider a perfectly competitive market where market demand is given by Qd=30-P and market supply is given by Qs=2P. In this market, the government has imposed a production quota of 10.

  Explain how high entry barriers into market will influence

you have been hired as a consultant by your local mayor to look at the various market structures. your role is to

  Should the company add the tenth cab

Suppose you currently live and work in cleveland, earning a salary of 70,000 per year and spending 30,000 for housing. you just heard that you will be transferred to a city in california where housing is 55% more expensive. In negotiating a new sa..

  Calculate the price elasticity of demand

We're looking at the market for cat food. When the price is $10, the quantity sold is 1000 bags. When the price drops 10%, the quantity sold increases 30%.

  What is ryans income elasticity of robot demand

Explain in words and with a graph why a 15 cent per gallon tax on milk could be collected from milk producers or from milk consumers at the store with the same result - What is Ryan's income elasticity of Robot demand

  The diagonal line is the line of equal distribution

1. In the graph drawn above, the diagonal line is the line of equal distribution of income. The curves, L1 and L2 are Lorenz curves. (i) What is measured on the horizontal axis and what is measured on the vertical axis of the graph? (ii) Why is the d..

  Summarize feasibility analysis

Identify a business of interest, suitable to start and has marketappeal -  Summarize the feasibility analysis and the overall likelihood of success.

  Lowest oppurtunity cost of completing the task

Keeping in mind that one must take off work to complete the task who has the lowest oppurtunity cost of completing the task.' Sam, Both have the same identical cost, Teresa.

  How could benefit-cost analysis to craft the most effective

Supposing that a strong case for market failure were made, what are the possible remedies? How could one apply benefit-cost analysis to craft the most effective remedy?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd