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Suppose that the demand function for regional airline Eastern Shuttle, Inc., is Q = 52,000 - 100P + 500PR + 0.45I where PR is the average price of rail service in their service area and I is the average income in the metro area. If P = $400, PR = $20, and I = $40,000, answer the following: (a) What is the price elasticity of their airline tickets? Is demand elastic or inelastic at this price? (b) What is the cross-price elasticity with respect to rail service prices? Is rail service a complement or substitute good? (c) What is the income elasticity? Are airline tickets a normal or inferior good? Cyclical or Noncyclical?
Tim is offered two gambles. With gamble A, he either gains $2 or loses $1 with a 50 percent probability. With gamble B, he either gains $3 or loses $2 with a 50 percent probability. Tim prefers gamble B to gamble A. What can we conclude?
Is limitless growth really possible? What forces do you think will be most important in slowing or halting economic growth?
Recent survey of high school students, it was found that the average amount of money spent on entertainment each week. Values are representative of all high school students.
Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.
Illustrate which combination of fiscal policy actions would be most contractionary for an economy experiencing severe demand-pull inflation.
If GDP is increasing by 3% every year Explain how long will it take GDP to double. Given the same conditions above, Explain how long will it take Every Capita GDP to double if the population grows at 2%.
Which of the following explains the distribution of income? Why can suppliers of goods can more easily shift the incidence of a tax to the consumer if the demand of the good is inelastic? What are intergovernmental revenues generally used to do? Whic..
Creativity, curiosity and creating value are key parts of the entrepreneurial mindset that won’t always prevent failure. Which of the following will help you avoid failure?
How can two countries both be better off as a result of trade? How can tariffs protect U.S. jobs? Do tariffs lead to a net increase in jobs?
Write a 5 page research paper that summarizes the history, a SWOT analysis, and address its future.
Illustrate what is the firm's profit maximizing output level. Is the industry in long-run equilibrium.
Explain how the introduction of new goods might bias the calculation of the consumer price index. Why is there a lag between the Fed’s actions and the economy’s response? Why is there a lag between the Fed’s actions and the economy’s response?
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