Currently Uber limits cars to only models that were produced in the past ten years. Suppose that Uber decides only models produced in the past five years can be driven. How does this affect the market for Uber Rides? Demonstrate graphically and briefly explain why.
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- Suppose the state of Florida responds to the demands of nature lovers and bans all billboards along the roads and highways. What effect would such a ban have on the prices of motels, restaurants and other services previously advertised on billboards? Would such a ban increase the amount of time travelers take to find a place to eat or sleep?Today, an estimated 2 million people drive for Uber, often evenings and weekends after they’re finished the day at a full-time job. Explain how the growth of Uber reflects the way in which ridesharing has altered the opportunity cost of leisure.Normally, the people of COVID-FREE LAND demand of 3000 sanitizers and 18000 toilet rolls. Suddenly, there is outbreak of covid-19 and demand for sanitizers and toilet rolls increased to 4,000 and 20,000 respectively. How could COVID-FREE land meets its new demand. Identify and comprehensively discuss at least three possibilities or ways.
- Explain, with the aid of a graph, how a negative research finding about the impact of homemade masks on peoples’ health will affect the demand for homemade masksHow can we use the Supply-Demand model to predict what is likely to happen to the price of alcohol in the future ?The graph below shows the daily demand for entry into the downtown core of a major city by commuter vehicles and shoppers’ vehicles if they were required to pay a special traffic fee in order to enter.a. Draw the total demand curve. Plot only three points of the curve. b. Assuming that there is no charge for entry, what is the total number of vehicles entering downtown? (Give your answers in tens of thousands of vehicles.) Quantity of vehicles: c. Suppose that government, in an effort to reduce the number of vehicles by 50 percent, decides to impose a traffic fee (the same fee for both commuters and shoppers) for entry into the downtown area. What will be the amount of the fee, and how many of each group will enter downtown? Fee: $ Number of commuter vehicles: Number of shoppers’vehicles: d. Assume that government, alternatively, decides to have a two-fee system but still wishes to reduce the traffic by 50 percent of the no-fee entry level. If it decides…
- In general,are they any possibilities in violating law of demand?When many passengers are flying from the United States to any country in Europe they have choices to make. Why do you think flying a Business class is more elastic that flying an economy coach in the same aircraft?In her article for Slate, Glaser (2017) suggests that consumers are willing to pay any price for the latest Apple iPhone. In fact, even those who are not willing to do so may be encouraged or ‘nudged’ to purchase the latest device. However, a range of studies have indicated serious health implications associated with smartphone usage. Assuming companies like Apple cannot easily increase or decrease supply in the short-run, how might this information alter the market equilibrium for smartphones? including diagrams
- Suppose we observe that when the market price of a good rises dramatically (e.g., the price of houses during the pandemic) the quantity traded increases only slightly, This would be because Answers A - D A.supply has increased and demand is very elastic. B.supply has decreased and demand is very elastic. C.supply has increased and demand is very inelastic. D. demand has increased and supply is very inelastic.Susan and Katy share an apartment, which they have decided to decorate for the holidays. The figure below shows Susan’s and Katy’s individual demand for strands of lights, measured metres. If Susan and Katy were to individually decide how many metres of lights to purchase, how much would be purchased if the price of lights were $16 per metre. SOLUTION IS NOT 20 METRES 5 metres 10 metres 15 metres 20 metres None of these.The city of Rye has a large number of video arcades. The demand by patrons in thousands per week is Qd=200 - 2P and the supply is Qs= 2P where P is the price in cents charged to play a game. what is the Equilibrium number (quantity) of games played? What is the equilibrium price? draw a diagram showing the equilibrium in the marke
