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Skyscraper City has a subway system, for which a one-way fare is $1.50. There is pressure on the mayor to reduce the fare by one-third, to $1.00. The mayor is dismayed, thinking that this will mean Skyscraper City is losing one-third of its revenue from sales of subway tickets. The mayor’s economic adviser reminds her that she is focusing only on the price effect and ignoring the quantity effect. Explain why the mayor’s estimate of a one-third loss of revenue is likely to be an overestimate.
A 30-year mortgage for $95,000 is issued at a 9% nominal interest rate.
A: What is the monthly payment?
B: How long does it take to pay off the mortgage, if $1,000 per month is paid?
C: How long does it take to pay off the mortgage, if double payments are made?
if boeings dollar aircraft price increase 20 percent and the yendollar exchange rate decline 15 percent what effective
"Monopolies are very efficient." Do you agree or disagree? Provide justification for our response.
Describe the economic characteristics and significance of Rostow’s take-off stage in economic growth and discuss whether China has undergone that stage at any time. Show evidence?
Calculate the correlations between life expectancy and the two measures of GDP per person
How much insurance should I buy to be fully insured and what is a fair insurance premium?
Can you determine precisely by how much producer surplus has increased as a result of the $14.82 increase in the average fare? If you cannot be precise, can you determine whether it will be less than, or more than, a specific amount?
Discuss briefly how each of the following changes would affect the natural rate of unemployment.
What is the probability that the sample mean will be more than 9.0%
Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?
The name of the course text is Organization behavior
Describe why in competitive markets there can be profit or producer surplus in the short run but not the long run. Include the idea of "economic rent" for exceptionally productive inputs. Then imagine a firm with the same cost structure but in each o..
Suppose that federal law requires that the price be the same in both locations. What price will Kayla charge now? How many gallons will be purchased? And what happens to her profit?
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