In Pioneer Ville, The price elasticity of demand for bus rides is -0.5 the income elasticity of bus rides is 0.62 and cross price elasticity of demand for bus rides with respect to gasoline is -0.2. 1. Is the demand for bus rides elastic or inelastic? Why? 2. Would an increase in the price of bus rides increase the bus company's total revenue or not? Explain your answer. 3. If incomes increase by 5 percent what will be the percentage change in the number of bus rides?

Q: A firm has the following average variable cost equation. AVC = 60 - 15Q+ Q2 And the average total…

A: Given, Average variable cost= 60-150Q+Q²Total variable cost = AVC×QTVC= 60Q-15Q²+Q³TVC at Q= 40TVC=…

Q: Refer to the table below for the following question. Suppose this economy has labor force…

A:

Q: Exercise 4 Use a combination of text and drawing of figures when answering the following questions:…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Expenditures for office supplies, electricity, and internet connection are part of Fixed Costs

A: Cost refers to the total expenses that incur in a process of production of goods and services.

Q: Again, please use the following data for an economy that has only two banks, Bank A and Bank B.…

A: Given; For Bank A:- Reserves on hand= $65000Deposit in the Fed= $40000US government bonds=…

Q: Consider a competitive market with a perfectly elastic supply curve and a perfectly inelastic demand…

A:

Q: Exercise 2 Using the Key Account Identity and assume the numbers you select has been representative…

A: Financial assets and liabilities, such as loans, shares, investment funds, and pension funds, are…

Q: Question 3 options: At any point in time,  the cost of equipment less any depreciation to date is…

A: Answer to the question is as follows:

Q: Discuss in brief the various techniques of demand forecasting.

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: Read the statement carefully and indicate whether it is true or false. Include a short (2-3…

A: "Labor force consists of working age people who are employed plus those who are unemployed but…

Q: The price of coke is $1.50 (y axis); the price of burger is $4.50 (x axis). Suppose that Ahmed does…

A:

Q: According to the climate graph, what is the range of temperature recorded in the city of Yakutsk?…

A:

Q: Using the possibiliting Frontier ExpRain the concept of Opportunity ost moving FromD.tA and B to C…

A: Because natural resources in an economy are restricted through which things can be generated,…

Q: Y 12 SA initial MRTS AK 10 8 diminishing MRTS 6 4 2 IQ = 100 1 2 3 4 5 6 7 Labor (L) A) Assume a…

A:

Q: 1. True or False a. A housing voucher is a form of unconditional transfer. b. Rent control will…

A: A number of economic security programs like, social security, food assistance, tax credit and…

Q: **Now suppose the government imposes a ​$20 per unit tax on the monopolist. Calculate the​…

A: Monopoly is able to generate the highest possible profits because it produces at the point where…

Q: Consider a situation with two goods. Which of the following statements are true, which are false? If…

A: In a market, goods are classified as normal good, inferior good, and giffen goods.

Q: Suppose the demand for oil is P=122Q-0.20. There are two oil producers who do not cooperate.…

A: Given: P=122Q-0.20MC=$13Now,TR=P×QTR=122-0.2QQTR=122Q-0.Q2From this,We can…

Q: Coconuts (number per week) 50 40 30 12 10 10 20 30 40 50 Crabs (number per week) 20

A: Here, the given graph shows two indifference curves and it is also given that Time can only consume…

Q: Economies to scale refer to

A: Companies benefit from economies of scale as manufacturing gets more efficient.Economies of scale…

Q: According to the IS curve, when interest rate i increases, equilibrium output Y will increase. O…

A: The IS curve illustrates different interest rate and production levels in such a way that the amount…

Q: 8. Two software companies sell competing products. These products are substitutes so that the number…

A: Demand function for company 1 : X1 = 1000 (90 - p1/2 + p2/4 ) Demand function for company 2 : X2 =…

Q: National Income Statistics for ABC in 2022 ITEMS MILLION Agriculture 10000 Mining and quarrying 1500…

A: The measure that depicts the total value of goods and services being produced in an economy during a…

Q: “The impacts of a (a) budget deficit and (b) capital flight on the equilibrium in the open economy…

A: A budget deficit is a financial scenario in which a country's government borrows more than it earns…

Q: (3) Suppose we invested $20,000 at an annual rate of 5% where interest is compounded continuously.…

A: Initial value problem or IVP is referred to as the ordinary differential equation along with the…

Q: Assume a monopoly firm is considering the production of two brands, 1 and 2. Marginal cost is…

A: A monopoly market refers to the market in which there is a single firm that sells a homogeneous…

Q: National Income Statistics for ABC in 2022 ITEMS MILLION Agriculture 10000 Mining and quarrying 1500…

A: The measure that depicts the final value of total goods and services being produced in an economy…

Q: John consumes only books (good on X axis) and DVDS (good on Y axis). At his current consumption…

A: Consumer equilibrium is that point where a consumer get maximum satisfaction by spending their…

Q: Consider the market below for a large country. Focus on the equilibrium when the country imposes a…

A: A tariff is a tax imposed by the government of a country or by a supranational union on imports or…

Q: The impact on economic growth because of cyclical unemployment will be through A. Reduced labour…

A: Unemployment is a situation in which a person who is willing and able (capable) to work do not find…

Q: Clothing R 30 Food Entertainment 2021 Price R 125 R5 2021 Quantity 45 15 8. 2022 Price R 140 R 45 R8…

A: Formulas: 1. CPI = (Cost of basket of goods in current year / Cost of basket of goods in base year)…

Q: The store selling maize meal makes a further discovery, when the price of rice changes from R30 per…

A: According to the question, it is given that when the price of rice falls, the quantity demanded of…

Q: Assume that the industry for rice is perfectly competitive. There are 150 producers. 100 of the…

A:

Q: SA inflation eases slightly in January Inflation eased to 5.7% in January, down from 5.9% the month…

A: Inflation: Inflation is a term used in economics to describe an increase in the overall price level…

Q: Bank discount is computed by using  Question 12 options:   Discount= Face value x Discount Rate x…

A: The amount deducted from a loan in advance is called the bank discount.  Proceeds are the money left…

Q: essentially cooperate a. and act as one monopolist and split market share down the middle b. and act…

A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…

Q: J is a foreigner. He is in great need for a car. He saw the ad of P for a Honda Civic. J went to the…

A: A means of exchange for goods and services is currency. In a nutshell, it's money, typically in the…

Q: Jack and Jill live in the same village where they both face the same price. Jack has preferences…

A: Utility function of Jack: H(X,Y)=X+Y      .... (1) Utility function of Jill: R(X,Y)=3X+3Y…

Q: Suppose cauliflower and broccoli are substitutes in consumption. Suppose further that the supply of…

A: Consumer surplus is defined as the difference between the ability to pay of consumer and the amount…

Q: 4. Suppose that Okun's law can be described by the following equation: Y-Y* = -3(u – u') Y* Where u…

A: Okun's Law is an experimentally established link between unemployment and output losses in a nation.…

Q: Economics Suppose cauliflower and broccoli are substitutes in consumption. Suppose further that the…

A: Consumer surplus is defined as the difference between the ability to pay of consumer and the amount…

Q: Use a model for the labour market to answer the following question: d) Use graphs to show the…

A: Unemployment is a stage where a person is actively looking for a job but is not able to get one…

Q: MyCollege Clothing Company manufactures expensive sweatshirts to sell to college bookstores in…

A: Answer: Note: we are not allowed to provide handwritten solutions it is strictly prohibited. (A).…

Q: Oligopolists use limit pricing to maximize short-run profits. (VERIFIED ANSWER: FALSE)   I already…

A: Oligopolists use limit pricing to maximize short-run profits. - FALSE

Q: 5) Why is a firm willing to produce at a loss in the short run if the loss is no greater than the…

A: Costs refers to the amount of money involved in the production process to produce the goods and…

Q: Logically relate the concepts – Choice, Scarcity, and Opportunity Cost while explaining each…

A: choice alludes to the capacity of a purchaser or maker to choose which great, administration, or…

Q: Consider an industry in a competitive market that consists of 100 firms with identical short run…

A: 100 firms C (q) = 50 + 0.5q2  MC = dC/dq MC =q

Q: b) Given the following exchange rate quotes Eues E1/$1.1837 nd Eure El/0.7230 Poond E1/$1.6388…

A: Exchange rate quotes Exchange rate quotes mean when the currency of foreign is expressed in terms…

Q: 16.Suppose the market for a good is composed of 1,000 identical consumers. The market's demand curve…

A: The demand function illustrates the relationship between the amount of a product that is desired by…