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Assume you had the following observations on Canadian intercity rail travel: Between 2008 and 2010, rail travel increased from 17.5 passenger kilometres per person to 19 passenger kilometres per person. At the same time, neither per-kilometre railroad price or incomes changed, but the per-kilometre price of intercity airline travel increased by 7.5 percent. Between 2011 and 2013, per capita incomes rose by approximately 13 percent, while the price of travel by rail and plane stayed constant. Intercity rail travel was 20 passenger kilometres per person in 2011 and 19.5 in 2013. Assuming the demand for travel didn't change between these periods:
a. Calculate the income elasticity of demand for intercity rail travel.
b. Calculate the cross-price elasticity of demand for intercity rail travel.
c. Are air travel and rail travel substitutes or complements? Is intercity rail travel a normal or an inferior good?
The second largest public utility in the nation is the sole provider of electricity in 32 counties of southern Florida. To meet the monthly demand for electricity in these counties, which is given by the inverse demand function P = 1000 - 5Q.
Bob is proud of the film and wants as many people as possible to download it. Which price would he choose? How many downloads would be sold?
At the end of the 8-year planning horizon, the mixer will have a salvage value of $5,000. If the mixer is replaced, a new mixer will require an initial investment of $375,000. At the end of the 8-year plaaning horixon, it will have a salvage value..
Divide the data into two groups: points where R1 4 in one group, points where R1 ≥ 4 in the other. Compute the least-squares line and the residual plot for each group. Does the line describe either group well? Which one?
Which of the following transactions are included in the gross domestic product, and by how much does each raise GDP?
Under what conditions might the removal of all tariffs and other impediments to trade work to the best advantage of developing countries? Explain.
Draw a figure with present value on the vertical axis and years (age) on the horizontal axis and show this relationship. Show in what year the owner should "harvest" such a good assuming that there is no cost to harvesting.
It is often said that efficiency and fairness are incompatible objectives for an economic system. Explain why this is not true when the conditions of the Coase Theorem are met.
Economists refer to consumer satisfaction as utility and use "utils" to measure consumer utility. Jill enjoys cookies and milk as a snack. Below is a table showing Jill's utility from consuming cookies and milk: Total Utility (Utils) 0, 1, 2, 3, 4..
e. Suppose that full employment equilibrium willoccur at Y = 4000. What kind of gap exists f. How much will government purchases have toincrease or decrease to reach full employment equilibrium g. How much will taxes have to be cut orincreased to ach..
If I am in the state marginal tax rate of 6% and the federal tax rate of 25%, how much before tax rate of return (BTRR) will I have to generate to yield an after-tax of return (ATRR) of 6%
Fin the levels of employment that define stage two in the production process. If the market determined real wage rate is $20 determine the amount of labor a cost minimizing firm would hire in order to minimize the total cost of production.
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