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The total operating revenues of 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) What pricing policy should the transportation authority adopt? (Should the transportation authority increase or decrease the price per ride based on the price elasticity of demand?) (b) What price per ride must the public transportation authority charge to eliminate the deficit if it cannot reduce costs? (Increase the price of a ride from $1 to be $1.50, and 50 percent increase in price. Given the price elasticity of demand of -0.4, calculate the percentage change in the ride and the total new rides with the original rides being 100 million = $100 milion/$1) using equation: point price elasticity of demand = Ep=change in quantity/ change in price times price/quantity. Then use the total new rides time the new price of $1.5 to obtain the new total revenue.
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if the company is one of 200 competitors. Compute market supply per week at a market price of $25 per rack delivered and serviced.
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
Burger Doodle is the fast-food restaurant that processes average of 680 food orders each day. Evaluate the average product cost
Research the elasticity of beef and eggs in regards to price changes. How do supply, demand, and price control interact to affect the equilibrium price of eggs How do these factors differ in impacting the price of beef
Why should this employee probably choose to tell only some of the other firms rather than all of them and what factors will determine the best number of firms to sell the secret to?
About thirty United States localities circulate their own currency with names like "Ithaca Hours" and Dillo Hours." Doing so is perfectly legal although through law they are subject to a 10% federal tax, which currently the government is not collecti..
What output maximizes the White Company's profit and what is the White Company's economics profit? Should the White Company continue in business or shut down in the short-run? Why?
a. Distinguish between explicit and implicit costs of your college education giving examples of each. b. What are your fixed costs Variable Costs c. Use a real-world example to explain the law of diminishing marginal productivity in your co..
Show the Equivalence of tariffs and quotas, This requires three graphs showing the effect of tariffs and quotas in situations of a reduction in domestic supply, a decrease in domestic demand, and an increase in domestic supply
Assume the normal production process for beet sugar uses high sulfur oil for fuel and releases two units of sulfur dioxide to the air for every ton of beet sugar manufactured.
You're a manager at the Chevrolet division of General Motors. If your marketing department estimates that the semiannual demand for the Chevy Tahoe is Q = 100,000 - 1.25P
1. Consider two metropolitan areas, one that has many small school districts and one that has only a few large school districts. In a paragraph, what are the efficiency and equity effects of introducing a voucher system likely to differ across these ..
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