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Suppose you are the administrator in charge of setting the toll for crossing a toll bridge across a river. The current toll is $1 per trip and at that toll 1000 trips per hour are taken across the bridge. (a) If the price elasticity of demand for trips is 2.0, what will happen to the number of trips taken per hour if you raise the toll by 10 percent? How would this affect the total revenue collected per hour? (b) If the price elasticity of demand for trips is 0.5, what will happen to the number of trips taken per hour if you raise the toll by 10 percent? How would this affect the total revenue collected per hour? (c) Other things equal, at the current toll of $1, what do you think will happen to the elasticity of demand for trips if the average incomes of people who use the bridge rises? Explain why. (d) Other things equal, at the current toll of $1, what do you think will happen to the elasticity of demand for trips if a non-toll bridge is built a few miles up the river? Explain why.
If a bank has deposits totaling $200,000, and their reserve requirement is 10%, what is the total on their required reserves? If that bank had total reserves equaling $50,000, what are their excess reserves? What will banks likely do with their exces..
a homeowner can insulate his house and save $50 each year in heating bills. If the interest rates are 6%, should the house owner insulate or not.
You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($200 million last year) and a low marginal cost of producing the product ($0.45 per pill), your company has yet to show ..
A change in the expected price level shifts
q.a city is planning a new convention center and has received bids from two contractors. the center one contractor
Home price escalation in the U.S. during 2005 fueled booms in:
if thailand had a job finding rate of 4 and a steady-state natural rate of unemployment of 10 what would the job
What is the profit maximizing price? a) 810 b) 750
Identify the resulting consumer and producer surplus using the "Final" (surplus) shader tool.
Pete’s Pie Shop is a perfectly competitive firm. If the total output of pies in Pete’s Pie Shop increases from 20 per hour to 30 per hour as he hires the second worker, then. Every time Pete makes another pie in his shop, he uses $1.20 worth of pastr..
Tanya imports sweaters from Peru and sells them from her home. She collects $400,000 in revenue a year, and spends $200,000 on the sweaters and shipping costs, as well as $25,000 on accounting services and utilities.
Trade restrictions raised the price of sugar by 2.57 cents. Without the restrictions, U.S. consumers would have purchased 23.3 billion pounds of sugar; with them, they purchased 22.4 billion pounds. How much of a loss do they impose on U.S. consumers..
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