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Economists have estimated the following transportation elasticities. For each pair, explain possible reasons why the elasticities differ. a. elasticity of demand for buses is 0.23 during peak hours and 0.42 during off-peak hours b. elasticity of demand for buses is 0.7 in the short run and 1.5 in the long run c. elasticity or demand for toll roads is 4.7 for low-income commuters and 0.63 for high-income commuters.
How does the free rider problem explain why telephone companies are usually successful in getting permission to raise their rates?
Describe the opportunity cost of good 1 in terms of good 2. Find out the opportunity cost of good 1 at the point where x1=1.
Then the image of a company goes up as graduate students use theorganizations products." Does such action square with a company's objective of profit maximization
A firm uses a single plan with costs C = 160 + 16Q + .1Q 2 and faces the price equation P = 96 - .4Q. The firm's production manager claims that the firm's average cost of production is minimized at an output of 40 units.
Illustrate the economy's adjustment to its long run equilibrium only, as the formerly dislocated (and now retrained) labour force is finding employment in new industries.
Suppose that the software market currently has one firm operating -Microhard. What contract should be writen between the bank and Newvel?
Explain why marginal product first rises, then declines, and ultimately becomes negative. What bearing does the law of diminishing returns have on short-run costs? Be specific.
What is the profit maximizing output level for the typical firm? (Hint: Calculate MC for each change in output, then find the equilibrium price, and calculate MR for each change in output)
Compute the coefficient of price elasticity for the price ranges given in the schedule and complete the first column of the table. What do you notice about the algebraic sign of the values you have just computed? Why is this so?
When and why were the inflation and unemployment rates negatively correlated? When and why were the inflation and unemployment rates positively correlated?
The impact of changing from a federal income tax to a federal consumption tax would be:
Calculate the arc price elasticity of demand over this price and consumption quantity range.
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