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The demand function for a transit system can be represented by a straight line connecting fare per person and ridership. Observations made on this system resulted in the following: When the fare was $1.5 per ride, the ridership per hour was 2000; when the fare was raised to $2 per ride, the ridership dropped to 1000. What is the equation of the demand function? What would be the patronage if the fare was (a) 50¢ per ride; (b) zero?
What will be the final level of production for the market (after a Cournot equilibrium is reached)? How much is produced by each firm?
Experience goods are products or services
What were the total revenue of Harvey's firm in the first year? The explicit costs of Harvey's firm in first year? The implicit costs of Harvey's firm in the first year?
q. a company has started a phone service that uses overseas doctors to provide emergency medical consultations.
The management of a private hospital is considering the installation of an automatic telephone switchboard, which would replace a manual switchboard and eliminate the attendant operator’s position. how large an investment in the new equipment can be ..
Explain what is meant by "contribution analysis". Carefully define the term and provide examples to illustrate it.
Government encourage a decision to expand? How would it affect the reputation of the business?
If the cross-price elasticity between two goods is 1.5, the goods are ____________.
Depends on the evidence in this article and what you know about the economy in the United States, decide which of these statements is most likely to be true.
Discuss whether horizontal or vertical boundaries have been changed, and whether they were extended or shrunk. Following the September 11, 2001 attacks, the U.S. government established the Department of Homeland Security.
Explain what are the implications of this for the relative stability or instability of the prices of pork and lamb compared with other foodstuffs.
The first fundamental welfare theorem gives the conditions under which the private market can lead to a particular efficient outcome. A Pareto efficient allocation is one that yields a fair outcome.
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