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Skyscraper City has a subway system, for which a one-way fare is $1.50. There is pressure on the mayor to reduce the fare by one-third, to $1.00. The mayor is dismayed, thinking that this will mean Skyscraper City is losing one-third of its revenue from sales of subway tickets. The mayor’s economic adviser reminds her that she is focusing only on the price effect and ignoring the quantity effect. Explain why the mayor’s estimate of a one-third loss of revenue is likely to be an overestimate.
A 30-year mortgage for $95,000 is issued at a 9% nominal interest rate.
A: What is the monthly payment?
B: How long does it take to pay off the mortgage, if $1,000 per month is paid?
C: How long does it take to pay off the mortgage, if double payments are made?
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000-200P where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard..
the demand function for einstein bagels has been estimated as followsqx -15.87 - 40.73px 84.17py 0.55axwhere qx
What is the highest profit or lowest loss availability to this firm? c. Should this firm operate or shut down in the short run? Why? d. What is the relationship between marginal revenue and marginal cost as the firm increases output?
what are the 5 activities of an effective production planning and control system. discuss 2 of the activities in
When prices change, the income effect and substituion effect both contribute to the impact on quantities consumed. Explain how both effect a consumers utility maxization.
nbspthe time has come for you to go to college and move from your parents home. you are moving approximately 300 boxes
RedBall Productions is a new company based in Orem, Utah.RedBall supplies stock images of still photography.
An eminent labor economist found that the return to the investment in a Ph.D. in English is negative 10%, yet many people still pursue this degree. Is this irrational behaviour? How can you explain this in terms of human capital theory?
On the basis of the information provided, test whether the slope differs from zero at the 1% level of significance.
Draw indifference curves representing an individual's preferences for income and household production. Are these indifference curves negatively or positively sloped? Explain why.
In recent years technological improvements have greatly reduced the cost of producing basic cell phones and a number of new firms have entered the cell phone industry. At the same time, prices of substitutes for cell phones, such as smart phones and ..
What is the policy credibility and how is it relevant to the problem of reducing high inflation How is credibility related to the time inconsistency problem What are the evidence of the Phillips curve.
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