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The Metropolitan Transit System recently announced a 50% increase in the price of a transit ticket. The administrators said that they needed an increase in revenue to cover their rising costs. Explain the economic rationale for this decision. In your explanation, state what the administrators assumed about the elasticity of demand for transit services. Keyboard Shortcuts
A firm has the production function y = x1 + min{x1, x2}. Draw three isoquants for this firm. Does this firm have constant returns to scale?
Abdi’s incomes in periods 1 and 2 are $200 and $100 respectively. His preferences for consumption in the two periods are perfect complement. That is, for each dollar he spends in one period, he wants to spend the same amount in other period. What is ..
Question 1 Why would perfectly competitive industries advertise even though individual firms do not? Question 2 We could state correctly that the minimum characteristic necessary to distinguish among pricemaking firms is:
A firm in a perfectly competitive market invents a new method of production which lowers its marginal costs. Illustrate what happens to its output.
Predict what you believe will be the most significant changes in international taxation you will likely see in the next few years. Explain your reasoning.
Draw your budget constraint assuming that you pay no taxes (and receive no subsidies) on your income. On the same diagram, draw another budget constraint assuming that you receive a 20 percent subsidy (that is, for every dollar you receive in labor m..
What is the value of consumer surplus? What is the value of the deadweight loss created by this monopoly?
You are running a company that is owned by stockholders. Your goal is to maximize shareholder value. Explain how each of the following events is likely to affect shareholder value and identify uncertainties related to their effects.
George and Ellen operate a business and make a profit. Is this good or bad? Would it have been better if they had made a loss? Explain. How do people earn income? If you purse a career and become incredibly rich, have you done so at the expense of ot..
Consider Irving Fisher’s two-period model. If y1 = 20, 000, y2 = 15, 000, the interest rate r equals 0.50 (50 percent), What the maximum possible consumption in period one? What the maximum possible consumption in period two? if there is a binding co..
How economic conditions affect interest rates and bond yields? Over the past six months, U.S. interest rate have declined, and Canadian interest rate have increased, The U.S. economy has weakened over the past year , and the Canadian economy has impr..
A change in a firm's technology that decreases its production costs will result in:
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