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According to the Bureau of Transportation Statistics, due to an increase in demand, the average domestic airline fare increased from $367.17 in the fourth quarter of 2005 to $381.99 in the first quarter of 2006, an increase of $14.82. The number of passenger tickets sold in the fourth quarter of 2005 was 178.1 million. Over the same period, the airlines’ costs remained roughly the same: the price of jet fuel averaged around $1.85 per gallon in both quarters (Source: Energy Information Administration), and airline pilots’ salaries remained roughly the same (according to the Bureau of Labor Statistics, they averaged $135,040 per year in 2005).
Can you determine precisely by how much producer surplus has increased as a result of the $14.82 increase in the average fare? If you cannot be precise, can you determine whether it will be less than, or more than, a specific amount?
Suppose the Federal Reserve announced that it would pursue contractionary monetary policy to reduce the inflation rate. Would the following conditions make the ensuing recession more or less severe.Wage contracts have short durations.
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Someone claims that the "bargaining" hypothesis appeared in the literature because of a significant flaw in the "comparative advantage" hypothesis. After you briefly explain what these two hypotheses stand for, identify what..
Give a definition of Pareto Optimal Allocation in this economy. Find out all Pareto optimal allocations and graph them in the Edge worth Box and also describe what is the theory of Second Best? Prove the theorem by using a diagram.
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Suppose an economy of two firms and two consumers. The two firms pollute. Firm 1 has a marginal savings function of MS1(e) = 5-e where e is the quantity of emissions from the firm.
Show, using supply and demand analysis, impact on the equilibrium price and quantity of new Hybrid automobiles when following occurs. Using graphs, explain the change in equilibrium price and quantity,
As a manager of a financial considering business you have two financial planners, Phil and Francis. In an hour, Phil can make either one financial statement or answer ten phone calls,
Explain how the unemployment rate could cause us to arrive at misleading conclusions about the condition of the job market. Do you feel that changes in the unemployment rate overstate or understate our level of economic activit
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You perform a travel cost study that looks at the relationship between the cost of visiting a lake (including costs of travel, value of time spent not working & any entry fees),
The quantity of coffee demanded Qd depends on the price of coffee Pc and the price of tea Pt the quantity of coffee supplied Qs depends on the price of coffee Pc and the price of electricity P e .
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