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Elasticity and Revenue: California and Massachusetts Vanity Plates
A study found that in California, where car vanity license plates cost $28.75, the elasticity of demand was 0.52. In Massachusetts, where vanity plates cost $50, the elasticity of demand was 3.52. Assuming vanity plates have zero production cost, was each state collecting the maximum revenue it could from vanity plates? What recommendation should be given to each state to maximize revenue? Which state was most likely to be following a political unsupportable policy?
Illustrate what is the estimated elasticity of demand for new brand cars with respect to the price of gasoline.
Elucidate foreign demand for dollars as well as the international value of the dollar.
Interior Department currently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues.
In 1991, Brazil and Columbia united to form a coffee cartel and reduce coffee output. Suppose total costs for the cartel are: TC = 12 + 5Q + Q 2
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Draw indifference curves to represent the following types of consumer preferences-I like peanut butter, but neither like nor dislike jelly.
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