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Many proponents of public transit argue that the service should be provided free to the public in metropolitan areas in order to reduce pollution and traffic congestion. Estimates by economists found the price elasticity of demand for public transit to be 0.17. The economists also found the cross-price elasticity of demand with the automobile to be 0.10.
what will free public transit mean to the use of the public transportation service?
What will free public transit mean to the use of the automobile?
Explain how does a business describe whether to increase or decrease the price of the product it sells in order to increase revenue
Sketch Sally's indifference curves and explain her consumption choices in term of marginal utility.
For the product shown, assume that the minimum point of each firm's average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity.
Determine the main effects and differences of short term economic policy management and long term management?
It costs $2600 to insulate a factory. Next year, the fuel savings will be $220. Every year after this, the expense of fuel is expected to increase by the rate g.
Abby consumes only apples. In year 1, red apples cost $1 each, green apples cost $2 each, and Abby buys only 10 red apples. In year 2, red apples cost $2, green apple costs $1, and Abby buys only 10 green apples.
How have you responded to increases in the price of gasoline over the past few years? How would you respond if the price of gasoline doubled over the next two years? What alternatives do you have for buying gasoline? Could you change to zero con..
Determine how European Union got into its current economic problems. Explain how did they get into these problems, how serious are problems and how will they realistically solve their problems.
What is the value of the marginal propensity to consume and calculate the equilibrium level of GDP - what is the value of the government purchase multiplier?
Why can not one nation have a comparative advantage over another country in the production of everything if the first country has excellent natural resources
Explain why government regulation is needed, citing the major reasons for government involvement in a market economy and justify the rationale for the intervention of government in the market process in the U.S.
During the late 1980' and early 1990's, economic reforms initiated by Soviet President Mikhail Gorbachev began to raise consumer incomes; but the Soviet government continued to impose price ceilings on basic goods like food, clothing and household..
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