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Q1. The number of taxicabs in Motorville and the taxicab fares are regulated. The fare currently charged is $5 a ride. Motorville taxicab drivers want to obtain government's permission to raise the fare to increase their revenues and ask you to be their economic adviser. After studying the market, you come up with the following demand schedule for taxicab rides.
Q2. The demand function has been estimated to be: Q= 2000+15Y-5.5P where Y is income in thousand euros, Q is the quantity demanded in units and P is the price per unit, when P= 150 euros and Y= 15(000) euros , determine the following:a- price elasticity of demandb- income elasticity of demand.
Calculate price, quantity and social surplus for the initial state and each policy.
If one draws MC curves pre and post innovation as well as the Marginal Revenue line for a monopoly and the MR in a competitive situation.
Why do proponents of active policy recommend government intervention to close an expansionary gap. Some economists argue that only unanticipated increases in the money.
The trade or business of manufacturing dolls and accessories
Why do monopolistic competitors have a tendency to advertise much more than perfectly competitive firms?
Their banks are holding back credit so it is harder for businesses to invest and for consumers to spend
Discuss the policies that Keynes as well as Hayek supported regarding how federal government ought to manage economy. What are differences between each school of thought.
Give an example of a government created monopoly. Is creating this monopoly necessarily bad public policy?
Determine the cost to the government of buying firms unsold units
Calculate Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Imagine that you were the president of an emerging country that is trying to reduce the number of its imports
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