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Ln Q = 2.737 - 1.247 ln P + 1.905 ln I
Where Q denotes passengers in thousands per year, P the (average) ticket price, and I US national income.
Determine the price elasticity, and income elasticity of demand
The law of demand says that the price and quantity demanded are inversely related. Thus, is demand curve positively or negative sloped?
Write down some similarities and differences between monopolies and oligopolies. How would you classify Microsoft? How would you classify the power industry in your area?
Employ the information in the above table to compute th average product (AP) and marginal product (MP). At the production level of 200,000 chips, is the company's average variable cost decreasing, at a minimum or increasing?
What is the cost of using this machinery for one year? How would your answer be different if the machinery had not yet been purchased?
Define a natural monopoly and what has happened to natural monopolies in recent years? Describe. Under which market structure does your type of business fall?
Describe why government regulation is required, citing the major reasons for government involvement in a market economy.
Assume that both magazines are owned by the same publishing company that maximizes the combined profits of the magazines. Will the company make the same choice as in the noncooperative game (i.e., owned by different publishing companies)?
Assume that, in a perfectly competitive market at profit maximizing quantity, the market price is greater than average total cost. Describe what will happen to the number of companies,
The demand curve demonstrate that price and quantity are inversely related. Briefly describe two justifications for this relationship. The supply curve demonstrate a positive relationship between price and quantity supplied.
Perform a White test for heteroskedasticity using auxiliary regression
Name some areas of business in the United States where the prevailing market structures have changed dramatically in last 20-years and discuss the direction of change
Choose an article in a newspaper or magazine that discusses a United States government policy on goods or services.
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