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You are employed as an economic consultant to the regional planning office of a large metropolitan area, and your task is to estimate the demand for hospital services in the area. Your estimates indicate that the own-price elasticity of demand equals –0.25, the income elasticity of demand equals 0.45, the cross-price elasticity demand for hospital services with respect to the price of nursing home services equals –0.1, and the elasticity of travel time equals –0.37. Use this information to project the impact of the following changes on the demand for hospital services.
A. Average travel time to the hospital diminishes by 5 percent due to overall improvement in the public transportation system.
B. The price of nursing home care decreases by 10 percent.
C. Average real income decrease by 10 percent.
D. The hospital is forced to increase its price for service by 2 percent
A tractor for over-the-road hauling is purchased for $90,000. It is expected to be of use to the company for 6 years, after which it will be salvaged for $4,000. Calculate the depreciation deduction and the unrecovered investment during each year of ..
The subway fare in your town has just been increased from a current level of 50 cents to $1.00 per ride. As a result, the transit authority notes a decline in ridership of 30 percent. Compute the price elasticity of demand for subway rides.
q1. suppose a firm in each of the two markets listed below were to increase its price by 30 percent. in which pair
The Australian government is concerned about inter-generational equity problems. Key problems arise from a larger number of older retired people being supported by a smaller workforce of young people, and from ever increasing budget deficits to be pa..
During the 1990’s, Apple Computer saw its global share of the personal computer market fall from above 10% to less than 5%. Despite a keenly loyal customer base, Apple found it more and more difficult to compete in a market dominated by PCs running M..
The Babylonians studied problems which lead to simultaneous linear equations and some of these are preserved in clay tablets which survive. For example a tablet dating from around 300 BC contains the following problem:
The efficient price of a license fee is determined by the difference between ... Which one of the following is least likely to be considered a public good? The two characteristics of a public good are: Which one of the following goods can be consider..
Compute the year-to-year growth rates of real GDP. Can you identify the recession that occurred during this period?
Executives estimate, for the first year, that they will have gross revenues of $500K, total costs of $300K, $30K in tax deductions and a one-time start-up credit of $8K. What will the company pay in income tax?
Which nation has comparative advantage in wheat production? In cotton production. Which nation has absolute advantage in wheat production.
You are the manager of a firm that competes against four other firms by bidding for government contracts. While you believe your product is better than the competition.If this legislation is passed, by how much should you expect your profits to chang..
____________ measures the percentage change in the quantity of good x resulting from a percentage change.
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