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Elasticity of demand for gasoline and public transport
1. A. Current gas is $1.50 a gallon, avg household income is $100,000 a yr. The quantity demanded is 200 million gallons of gas a week. If gas were to increase to $1.68 a gallon the quantity demanded would fall to 158.7 million gallons a week. If household income increased to $110,500 a yr , the quantity demanded would rise to 208 million gallons a week. Find the income elasticity of demand. Explain whether gas is a normal or inferior product.
B. In 2003 the NY MTA increased subway fares 33%. Ridership before fare change was 1million. Ridership fell 1% (from 1million to 991,000), but discount ridership increased from 25% to 32%. Assume the avg discount far was increased by 10%.(250,000 to 317,120) Without the discount increase, discount ridership would have went up from 250,000 to 350,000. Assume the cross-price elasticity of demand for discount rides with respect to regular fares be X. Isolate the change is discount ridership due to the change in regular fares as part of your calculation of X.
A profit maximizing firm produces three products X, Y and Z. The firm has no costs. There are three customers 1, 2 and 3. What will be the price of each product if the firm decides to sell them separately?
Currently, the extent of our economic difficulties has caused the economic policymakers to choose fiscal and monetary policies that are both expansionary.
When McDonalds Corp reduced its price of the big mac by 75 percent-Using your knowledge of game theory, what do you think disrupted McDonald's plan?
The raise of Hispanics in the labor force but required data showing what it means. Explain how much of and increase in the labor force.
Explain how would either decision change if the government imposed a 20 percent tax on earnings and interest income. Illustrate what would happen if the government exempted interest income.
Point out how each of the following would shift the 1) average-variable-cost curve, 2) average-fixed-cost curve, and 3) average-total-cost curve. Mention two types of businesses that their costs are mostly variable costs, and list 2 types of busin..
Calculate the expected level of demand in a typical market. Indicate the range within which actual demand is expected to fall with 95% confidence.
Illustrate graphically the impact in the short run and the long run of a Federal Reserve decision to increase open-market purchases.
Describe the Soviet Rapid Development Model
Illustrate the point price, income, also cross elasticities at the present values. Interpret your answers, saying how much a 1% change in each variable impacts demand.
You are working for an unemployment agency which distributes unemployment checks to unemployed workers in your state.
Suppose a production function is given by f(K;L) = KL 2 What combination of labour and capital minimizes the cost of producing any given output?
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