True or False and explain why: When senior citizens get discounted metrocards, their consumer surplus for a subway ride is higher than that of non-senior citizens, who do not get the discount.
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True or False and explain why:
When senior citizens get discounted metrocards, their
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- If the government could charge different entry or user fees at different national parks to raise revenue for the maintenance of the parks, it should charge Select one: a. lower prices at parks where demand is relatively inelastic. b. the same prices for all the national parks. c. higher prices at parks where demand is relatively inelastic. d. higher prices at parks where demand is relatively elastic. e. a percentage of the estimated cost of building the parkOn average, 50 people go to the movies when the ticket is $6.50 and 250 go when the ticket price is 8.75$. does this scenario violage the Laws of Supply and Demand? Carefully explain your response. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Why are urban areas willing to subsidize urban transit systems? Does the argument for subsidies make sense to you?
- Suppose the supply curve for cars is more elastic than the demand curve for cars. If the government imposes a tax on car sellers, which party (buyers or sellers) will bear more of the tax burden? How will the tax burden change if the government imposed the tax on car buyers, rather than sellers?Does paperless ticketing benefit consumers more than traditional ticketing that allows tickets to be resold? Explain.Which of the following is an example of a hidden-market transaction? Question 14 options: A person buys a hotdog on a street corner. A person buys a product at a price greater than the government-imposed ceiling price. A person buys a product at a price below the government-imposed ceiling price. A person places a bet at a racetrack. A person buys a product at a price greater than the government-imposed price floor.
- What is the term that economists use for pricing that is inconsistent among consumers? a. moral hazard b. price discrimination c. adverse selection d. uniform distributionIf we want to increase the cigarette tax to promote environmentally-friendly behavior, the tax will discourage the consumption of cigarettes by the greatest extent when the price elasticity of demand equalsWhich of the following economic concepts causes the free rider problem? Rivaled consumption. When a good or service is offered at no charge Elasticity Marginal Revenue Nonexcludablity in consumption
- many video game retailers make a great deal of money by taking advantage of the doctrine of first sale. they purchase and re-sell used games. recently, some video game makers have tried to stop this practice by charging people who bought the used game an additional fee for online play, a fee that they do not charge to the first purchaser. does this practice violate the doctrine of first sale? is this policy fair? explain your reasoning.Assume that you are in the business of providing medical insurance. You have analyzed the market carefully, and you know that at a price of $6,000 per year, you will sell 40,000 insurance policies per year. In addition, you know that at any price above $6,000, no one will buy your insurance policies because the government provides equal-quality policies to anyone who wants one at $6,000. You also know that for every $1,000 you lower your price, you will be able to sell an additional 10,000 policies. For example, at a price of $5,000, you can sell 50,000 policies; at a price of $4,000, you can sell 60,000 policies; and so on. a. Sketch the demand curve that your firm faces. b. Sketch the effective marginal revenue curve that your firm faces. c. If the marginal cost of providing a health insurance policy is $5,000, how many will you sell and what price will you charge? What if MC = +4,500why do comsumers pay the tax on goods if the elasticity of demand is less than the elasticty of supply?
