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Suppose the demand for crossing the Golden Gate Bridge is given by .
a. If the toll (P) is $3, how much revenue is collected?
b. What is the price elasticity of demand at this point?
c. Could the bridge authorities increase their revenues by changing their price?
d. The Red and White Lives, a ferry service that competes with the Golden Gate Bridge, began operating hovercrafts that made commuting by ferry much more convenient. How would this affect the elasticity of demand for trips across the Golden Gate Bridge?
Define the multiplier. Explain the economic reasons why the multiplier is greater than one (i.e. why the Eq. GDP increases more than the initial increase in spending (AE)).
q.the short-run production function for a manufacturer of flash memory drives is shown in the table below. based on
They face a straight market demand curve that runs from $500 on the price axis to 1000 on the quantity axis.How much profit will they make at that quantity? Why is this firm a natural monopolist?
Assume an open, mixed economy (C + I + G + X = real GDP) and an MPS of .2. Explain if it would be expansionary, contractionary, or useless to the economy to increase government expenditures by $50 billion and also increase taxes by $50 billion.
Average cost of producing 70 pies in batches of ten is $5.00 per pie and the average cost of producing 80 pies in batches of ten is $4.50 per pie. Elucidate the marginal cost of the 8th batch of pies.
In general terms, efficiency refers to:
Which of the following would cause the demand curve for rice to shift to the left?
Pick a topic and within your topic consider how economic forces (broadly defined) will impact technological development and how technological development will impact the economy.
Every year, thousands of spring breakers flock to Mexico in search of a good time. They exchange millions of U.S. dollars for Mexican pesos. The Mexican central bank anticipates this and acts to keep its currency stable at the present exchange rate. ..
Sunflower Inc. is a major supplier of reverse osmosis and ultra filtration equipment, which helps industrial and commercial customers achieve improved production processes and a cleaner work environment. Compute Sunflower's optimal price/ output com..
Harry values a new jacket at $100 and buys it from Jenny at $80 (costing her $70 to produce it). Jim then offers Harry the same jacket at $60. Harry buys the jacket from Jim, and stops buying it from Jenny. Which of the following makes this event Par..
The number of people employed in a city was 128,000. The adult population was 201, 000 and the labor force participation rate was 67%. Based on the figures listed above, what is (1) the unemployment rate, (2) labor force participation rate, (3) numbe..
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