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Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by about 10 percent as a result. However, when the commissioner granted the 10 percent increase, revenues increased by only about 5 percent. What can you infer about the elasticity of demand for taxicab rides? What were taxicab drivers assuming about the elasticity of demand?
The EPA tests vehicles for gasoline mileage under stringent testing conditions. The testing for a particular make and model of mid-sized SUV involved 35 vehicles submitted by the manufacturer. Assume the vehicles submitted for testing constitute a..
The cross-tabulation below classifies US states by median household income and by household Gini coefficient (a measure of income inequality). Use the cross-tabulation to answer the questions that follow.
J&J Cattle has purchased a quarter section of land for $160,000. They make a down payment of $20,000, and the remainder of the purchase price ($140,000) is financed at 12 percent compounded quarterly with quarterly payments over 2 years.
Monopoly manager has the demand and cost functiones as P=200-2Q and C(q)=2000+3Q2 1- calculate the maximum profits 2- what price-quantity combination maximizes the profits 3- at the profit-maximizing price-quantity combination, what is the demand ela..
There is a big gap in the earnings of married women and married men, even if individuals of both sex have the same level of education.
(1) eliminate the deficit by cutting government spending and (2) eliminate the deficit but raising taxes. Which program has the least damaging effect on GDP. Just tell me how much GDP falls in each program and draw the correct conclusion.
Suppose that the price of salt rises from 15 cents to 17 cents a kilogram. The quantity demanded decreases from 525 kilograms to 475 kilograms per month, and the quantity supplied increases from 525 kilograms to 600 kilograms per month.
American Pulp Corp. (APC) has entered into a contract to harvest timber for $450,000. The total estimated available harvest is 150 million board-feet. What is the depletion allowance for years 1 to 3 if 42, 45, and 35 million board-feet are harvest..
The manager of the company's pension fund is compensated based entirely on fund performance; he earned $1.2 million last year. As a result, the fund is contemplating a proposal to cap the compensation of fund managers at $100,000.
A pint of British marmalade costs a United States customers $10. Assume that the dollar depreciates against the British Pound, the pint of British marmalade for the United States customer will cos
Q 1 5 20 bags. Q 2 5 15 bags. Q 3 5 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag. The price at g is $31 per bag. Apply the formula for the area of ..
Suppose that currency in circulation is $600 billion, the amount of checkable deposits is $900 billion, excess reserves are $15 billion, and the required reserve ratio on checkable deposits is 10%. Calculate the money supply, the currency deposit r..
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