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The total operating revenues of a public transportation authority are $100 million while its total operating costs are $120 million. The price of a ride is $1 and the price elasticity of demand for public transportation has been estimated to be -0.4. By law, the public transportation authority must take steps to eliminate its operating deficit.
(a) Is asking whether the transportation authority should increase or decrease the price per ride based upon the price elasticity of demand.
(b) Suggestion – increase the price of a ride from $1 to be $1.50, a 50% increase in price. Given the price elasticity of demand of -0.4, calculate the percentage change in the ride and the total new rides (the original rides are 100 million = $100 million/$1). Then use the total new rides time the new price of $1.50 to obtain the new total revenue.
Use the midpoint method to compute your price elastcityof demand as the price of compact discs increases. Compute your income elasticity of demand as your income increases.
The BlackBerry production function is Q = 2.83L1.52K0.82. Epple et al. (2010) estimate that the production function for U.S. housing is q = 1.38L0.144M0.856, where L is land and M is an aggregate of all other mobile, non-land factors, which we call m..
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitute's one product for another. Use examples to illustrate.
Write down an expression for the profit GBC will make if it uses L units of labor at $1 an hour and sells the resulting output of cookies at $p a cookie.
Are these preferences consistent with the lw of diminishing marginal utility
Which of the following is NOT a component of GDP?
Market that gives auctions, request for quote postings, and other features to firms that want to operate their own marketplace.
Consider an economy in which production characterized by the neoclassical function Y=K^.5N^.5. Suppose, again, that it has a saving rate of .1, a population growth rate of .02 and a average depreciation rate of .03. Determine what saving rate would y..
The Gauss-Markov theorem states that OLS estimates are BLUE. List what word each letter in the acronym BLUE stands for. Then, give an intuitive definition for each of these words ?
What is the optimal production quantity for the card - Los Angeles, Santa Monica, Hollywood, and Pasadena. Based on past data, the number of customers from each of the four regions is normally distributed with mean 4,700 and standard deviation 700.
Panther Hall is a college dorm with 100 residents who each have the identical demand function for a pleasant community room, given by the equation MB = 1000 – 9.95Q. The marginal cost of maintaining the community room is MC = 1500 + 5Q, where Q = squ..
q1. an individual wants to start a business at which he expects to make 50000. getting a license for the business costs
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