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The general public's demand for flights to Florida has an elasticity of -2 all year round. A monopolistic airline has been optimally charging everyone $360 for a round trip. Next, the airline finds out that during spring break, the price elasticity of students' demand for flights to Florida is -3. Assuming the airline can vary the number of daily flights, what should it do to increase its profit?
a. The airline should give students a price discount.
b. the airline should charge students a higher price.
c. The airline should reduce its price for everybody.
d. The airline should charge students the same price as it charges everyone else, $360. why?
Illustrate what relationship must hold between x and p so that A second order stochastically dominates B.
What is meant by the incidence of a tax? Explain why the statutory and actual incidence of a tax often differs.
Suppose that aggregate planned expenditure increases by $0.75 trillion for each $1 trillion increase in real GDP. If investment increases by $1 trillion, calculate the change in the quantity of real GDP demanded if the price level is constant at 105.
A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled "3 pounds.
A firm has a production function represented by: q=L^(.75)K^(.25). Find a function for how much capital and labor a firm should hire to produce a given level of production in terms of the price of labor, w, and the price capital, r.
Apple feels it is a price leader in the mobile phone market with all the other producers acting as followers. The total demand for mobile phones is given as, If Apple wants to maximize profits, how many mobile phone units should they produce? How muc..
Farmer Brown has 2 distinct farms that he works on. His wheat farm has a production function Y=6.7K0.4L0.6, and his soybean farm has a production function Y=0.2K0.5L0.5. Farmer Brown has the option of buying either more labor or more capital for each..
You are considering purchasing a savings bond that will pay $100 in five years. The market interest rate currently is 3% per year. What should you be willing to pay to purchase this bond today? Suppose the interest rate goes up next year, to 4% per y..
Summarize the major provisions of the law that you chose. Describe the economic impact of the law. Provide specific economic data from credible references. Has the law improved the environment or situation? Provide specific data from credible referen..
Converse alternatives to GDP as a measure of economic benefits in a current economy.
q. a major statistics canada household survey the survey of labour and income dynamics or slid the latest of which is
At the end of 2012 the prestigious Rolex watch manufacturer had in inventory of watches worth $725 dollars. In 2013, Rolex produced $333 worth of watches and sold $260. What was the change in inventories in 2013? (hint: careful with the signs, rememb..
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