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Elasticity: The New York Times reported (Feb. 17, 1996) that subway ridership declined after a fare increase: “There were nearly four million fewer riders in December 1995, the first full month after the price of a token increased 25 cents to $1.50, than in the previous December, a 4.3% decline.”
a. Use these data to infer the original subway token price and calculate the price elasticity of demand for subway rides. Interpret your calculated result, i.e., specify whether the value you calculate indicates demand is elastic, inelastic, etc...
b. According to your elasticity estimate, what happens to the transit authority’s revenue when the fare rises?
c. How might factors that influence the elasticity of demand make your estimate of the elasticity be unreliable? Give the factor or factors you use and provide concise support for your choice(s) in one sentence.
A market with demand Q = 10 - p is supplied by a monopoly with costs C(Q) = 6 + 2Q. Calculate the equilibrium price, output, and monopoly profits. What would be the equilibrium if the market were supplied competitively by firms, and each firm had the..
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Which of the following statements are positive and which are normative?
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Do you believe that a company integrating ethics into its strategy and design can provide great returns to stakeholders as well? Explain why this is your belief and support your opinion with examples
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A business traveler to Germany who, upon deplaning in Berlin, uses an airport ATM to withdraw 100 Euros from her U.S. bank would receive which kind of exchange rate?
The price elasticity of demand for a textbook is estimated to be 1 no matter what the price or quantity demanded. In this case:
Consider our model of three-period – lived individuals of this chapter. Suppose the two-period real rate of return on capital is X = 1. 44, the rate of population growth is n = 1. 1, and the rate of fiat money creation is z = 1. 2. Find the following..
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