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Commuters from the West Bank, across from New Orleans, are identical. They have two routes from the West Bank to Uptown, either over the Crescent City Connection (C) or over the Huey P. Long Bridge (H). The average trip length of a commuter depends on how many people choose that route:ACC (n) = 10 + n/100 and ACH(n) = 20 + n/300;where time is measured in minutes. Suppose 5000 cars make this trip daily. Each driver ignores his or her own effect on the average trip time of commuters choosing the same route.
a. Calculate the equilibrium number of cars commuting by each route.
b. Suppose you are hired as a traffic consultant to improve traffic patterns among commuters. How should these 5000 cars be allocated over the two routes in order to minimize the total amount of time cars are commuting?
c. Devise a toll on just one bridge (the tolls are given in "minutes equivalents" -- e.g., you could impose a toll worth two minutes of travel time) to implement the efficient allocation of traffic (assume no costs of collecting tolls).
The equation for a demand curve has been estimated to be: Q=100-10P+0.5Y Where Q is quantity, P is price and Y is income. Assume that P=7 and Y=50. a.) At a price 7, what is the price elasticity b.) At an income level of 50, what is the income elasti..
Assume the following data describe the condition of the banking system: Total reserve $200 billion Transactions deposits $800 billion Cash held by pubic $100 billion Reserve Requirement 0.20
Casper consumes cocoa and cheese. Cocoa is sold in an unusual way. There is only one supplier, and the more cocoa you buy from him, the higher the price you have to pay per unit. In fact y units of cocoa will cost Casper y2 dollars.
Company A just paid a $3.00 dividend per share. The dividend is expected to grow at a 4% rate indefinitely. The beta of the stock of Company A is 1.5. The market risk premium is 8% and the risk-free rate is 3%. (a) What is the expected return on t..
Assume that the company is currently producing 248 units of output per day using 2 units of X and 4 units of Y. The daily cost per unit of X is $135 and that of Y is also $135. Would you recommend a change in the present input combination.
You are the manager of a monopoly, and your demand and cost functions are given by P = 200 - 2Q and C(Q) = 2000 + 3Qsquared, respectively. a. What price-quantity combination maximizes your firm's profits b. Calculate the maximum profits.
On the left tab under Publications, go to the Interactive Data Tables. Select National Income and Product Accounts. examine all four components of GDP (C, I, G, and Xn). Which of these four components of AD declined the most during the 2007 and 200..
Assume there are 600,000 residents of whom there are 20,000 residents under the age of 16, there are 30,000 institutionalized adults, there are 50,000 adults not looking for work, and there are 140,000 unemployed who are actively looking for work
A university planner wants to determine the proportion of spring semester students who will attend summer school. She surveys 32 current students discovering that 12 will return for summer school.
Suppose the own price elasticity of market demand for retail gasoline is -0.8, the Rothschild index is 0.7, and a typical gasoline retailer enjoys sales of $1,900,000 annually. What is the price elasticity of demand for a representative gasoline r..
an auto assembly plant for their new Lazer Razer Sports Sedan in DeSoto Illinois. They will finance this project by issuing bonds of $1000 each. The bonds will mature in 5 years. You will be calculating what rate of interest you should expect
1.) Suppose \(P_B = m = $1\) derive Larry's demand function. 2.) Larry buys his apples from Mary. Mary supplies apples according to \(q_s = -4 +20p\) What is the equilibrium price and quantity of Apples 3.) What is the price elasticity of demand in..
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