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Explain how own-price elasticity of demand, pricechanges, and total revenue are related. Provide an example.
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Santa Monica College Macro Enconomic Questions and Peer Comments
Question 1
Suppose that a 5% increase in the minimum wage causes a 5% reduction in employment. How would this affect emplo ...
Santa Monica College Macro Enconomic Questions and Peer Comments
Question 1
Suppose that a 5% increase in the minimum wage causes a 5% reduction in employment. How would this affect employers and how would it affect workers? In your opinion, would this be a good policy? Explain in detail.
Question 2
In this episode, we are exposed to the many nations who were forced to reform or liberalize their economies from a socialist political economy to a capitalist political economy. What three nations endured the most agony then and how are they today?
What is required to sustain the free market system? Think of the many stakeholders engaged in a market system.
Remember, this is a twenty year old masterpiece whose history is likely new to many of you. Looks like things don't really change - do you agree?
Here is the link: https://www.youtube.com/watch?v=5eSeaBSFHW8&t=370s
ALY 6050 Northeastern University IMOD4 nventory Management Decision Model Project
In this project, you will design a prescriptive model for an inventory problem. Furthermore, you will obtain “optimal” ...
ALY 6050 Northeastern University IMOD4 nventory Management Decision Model Project
In this project, you will design a prescriptive model for an inventory problem. Furthermore, you will obtain “optimal” solution(s) of your model both in the absence and the presence of uncertainty.Problem:Inventories represent a considerable investment for every organization; thus, it is important that they be managed well. Excess inventories can indicate poor financial and operational management. On the other hand, not having inventory when it is needed can also result in business failure. The two basic inventory decisions that managers face are how much to order or produce for additional inventory, and when to order or produce it to minimize total inventory cost, which consists of the cost of holding inventory and the cost of ordering it from the supplier.
1 page
Macroeconomics 202
Q1. Dani Rodrick is not completely against free trade, but raises problems associated with it. He argues that the acceptan ...
Macroeconomics 202
Q1. Dani Rodrick is not completely against free trade, but raises problems associated with it. He argues that the acceptance of free trade could be ...
ECON 290 University of Victoria Canadian Microeconomic Policy Discussion
1. Butchart Gardens is a very large garden in Victoria, BC, renowned for its beautiful plants. It is so large that it coul ...
ECON 290 University of Victoria Canadian Microeconomic Policy Discussion
1. Butchart Gardens is a very large garden in Victoria, BC, renowned for its beautiful plants. It is so large that it could hold many times more visitors than currently visit it. The garden charges an admission fee of $30 in summer. At this price, 1000 visitors visit the garden each day. If admission were free, 2000 visitors would visit the garden each day.a) Are visits to Butchard Gardens in summer excludable or non-excludable? Are they rival in consumption or non-rival? What type of good is it?b) In a diagram, illustrate the demand curve for visits to Butchard Gardens. Indicate the situation when Butchard Gardens charges an admission fee of $30. Also indicate the situation when Butchard Gardens charges no admission fee. Illustrate the deadweight loss from charging a $30 admission fee, and calculate its size. Explain why charging $30 admission fee is inefficient.2. Governments are in the business of providing information to potential buyers. The first serious provision of information on the health consequences of tobacco use appeared in the United States Report of the Surgeon General in 1964. (a) How would you represent this intervention in a supply and demand for tobacco diagram? Draw a graph to compare the outcomes before and after the intervention.(b) Did this intervention correct a market failure? Briefly explain.3. Suppose there are two types of people: Healthy and Unhealthy. It costs more to insure unhealthy people because they are likely to incur more medical bills. Suppose the marginal cost (MC) of providing an insurance policy is $1,000 for a healthy person and $4,000 for an unhealthy person. Assume healthy people are willing to pay $1,500 for health insurance, and unhealthy people are willing to pay $5,000. Suppose the insurance company charges P = MC so as to earn zero profit.a) With complete information, will all people be insured? If no, explain why. If yes, what would be the price of insurance for each type of people?b) Now suppose there is asymmetric information. People know whether they are healthy or unhealthy, but the insurance company can’t tell. However, it knows that 20% of the population is unhealthy. If people can choose whether to buy insurance or not, who will buy insurance? And what will be the price of insurance in equilibrium? Is this outcome efficient? Explain why or why not.c) Suppose government provides a medical service plan (MSP), which is a universal compulsory medical insurance that everyone has to buy. How should MSP set the price to just break even? Is the outcome efficient? Briefly explain.4. The monthly market demand function for taxi service in Vancouver is given by Qd = 7,000 – 500P, and the market supply function is Qs = 500P – 1,000, where the quantity is in terms of trips and the price is average fare per trip. Please show all steps of your calculation for following questions:a) Calculate the equilibrium market price and quantity.b) All drivers form a taxi driver association to lobby the city government. At their request Vancouver government implements a license system such that the maximum taxi service is restricted to 2,000 trips. Calculate the wealth transfer and deadweight loss caused by this policy.c) Suppose the monthly interest rate is 1%. What is the value of all taxi licenses?d) Who benefits from this lobbying? Who loses?5. The market demand for a vaccine is given by P = 36−Q and the supply conditionsare P = 20. There is a positive externality associated with being vaccinated, and the realsocietal value is known and given by P = 36−(1/2)Q. Calculate and draw a graph to answer the following questions:(a) What is the market solution to this supply and demand problem?(b) What is the socially optimal number of vaccinations?(c) If we decide to give the supplier a given dollar amount per vaccination supplied in order to reduce price and therefore increase the number of vaccinations to the social optimum, what would be the dollar value of that per-unit subsidy?(d) suppose that we give buyers the subsidy instead of giving it to the suppliers. By how much would the demand curve have to shift upward in order that the socially optimal quantity is realized?6. There are two firms that emit pollutant SO2. Currently each emits 150 tons of SO2 per month. The local government wants the total pollution to be reduced to 200 tons per month. Assume the pollution abatement technology of the two firms can be represented by MC functions: MCA = 30 + 2QA, MCB = 50 + 4QB (MC is in terms of dollars and Q in terms of tons of SO2 abated). Suppose the government knows the pollution abatement technology of the two firms, and an emission standard policy is in order. To minimize the total cost of pollution abatement, how should the government set the quantity of SO2 that Firm A is allowed to emit? How many tons should the government allow Firm B to emit? Draw a graph to illustrate your calculation answers.
Collin County College Florida Market & the Hotel Industry in Florida Paper
Starting from an equilibrium situation, graphically show what happens to the supply and demand curves and the equilibrium ...
Collin County College Florida Market & the Hotel Industry in Florida Paper
Starting from an equilibrium situation, graphically show what happens to the supply and demand curves and the equilibrium price and quantity in each of the below situations. Prepare a new graph for each of the following scenarios:Consider the Florida market for the sale of sweaters. What happens when there is an unseasonably long and very cold winter?Consider the Florida market for the sale of grapefruit. What happens when an unseasonably long, cold winter ruins half of the grapefruit crop?Florida has returned to a normal winter pattern of mild sunny weather, but much of the rest of the United States is experiencing a brutal winter weather, including huge amounts of snow and temperatures hovering below freezing in the months of October to April. How might this scenario affect the hotel industry in FloridaMy email is jeankim1942@gmail.com, answer the questions above on a Doc and send it to me also try to attatch the graphs for each question on the doc please format each graph with each question
Scarcity Solutions, economics homework help
Do some research on the country of Ethiopia and discuss:
Who in the Ethiopian society has the most difficult time deali ...
Scarcity Solutions, economics homework help
Do some research on the country of Ethiopia and discuss:
Who in the Ethiopian society has the most difficult time dealing with scarcity?
What do they need most?
How can their society provide for their wants and needs?
Why are they so impoverished?
What can their governments do to help, or hinder their country's development?
Could
Ethiopia become a world-class producer and exporter of goods? How would
Ethiopia compare with Japan? Japan is a country relatively POOR in
natural resources, yet it is an economic world powerhouse. What are the
differences between the two countries?
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Santa Monica College Macro Enconomic Questions and Peer Comments
Question 1
Suppose that a 5% increase in the minimum wage causes a 5% reduction in employment. How would this affect emplo ...
Santa Monica College Macro Enconomic Questions and Peer Comments
Question 1
Suppose that a 5% increase in the minimum wage causes a 5% reduction in employment. How would this affect employers and how would it affect workers? In your opinion, would this be a good policy? Explain in detail.
Question 2
In this episode, we are exposed to the many nations who were forced to reform or liberalize their economies from a socialist political economy to a capitalist political economy. What three nations endured the most agony then and how are they today?
What is required to sustain the free market system? Think of the many stakeholders engaged in a market system.
Remember, this is a twenty year old masterpiece whose history is likely new to many of you. Looks like things don't really change - do you agree?
Here is the link: https://www.youtube.com/watch?v=5eSeaBSFHW8&t=370s
ALY 6050 Northeastern University IMOD4 nventory Management Decision Model Project
In this project, you will design a prescriptive model for an inventory problem. Furthermore, you will obtain “optimal” ...
ALY 6050 Northeastern University IMOD4 nventory Management Decision Model Project
In this project, you will design a prescriptive model for an inventory problem. Furthermore, you will obtain “optimal” solution(s) of your model both in the absence and the presence of uncertainty.Problem:Inventories represent a considerable investment for every organization; thus, it is important that they be managed well. Excess inventories can indicate poor financial and operational management. On the other hand, not having inventory when it is needed can also result in business failure. The two basic inventory decisions that managers face are how much to order or produce for additional inventory, and when to order or produce it to minimize total inventory cost, which consists of the cost of holding inventory and the cost of ordering it from the supplier.
1 page
Macroeconomics 202
Q1. Dani Rodrick is not completely against free trade, but raises problems associated with it. He argues that the acceptan ...
Macroeconomics 202
Q1. Dani Rodrick is not completely against free trade, but raises problems associated with it. He argues that the acceptance of free trade could be ...
ECON 290 University of Victoria Canadian Microeconomic Policy Discussion
1. Butchart Gardens is a very large garden in Victoria, BC, renowned for its beautiful plants. It is so large that it coul ...
ECON 290 University of Victoria Canadian Microeconomic Policy Discussion
1. Butchart Gardens is a very large garden in Victoria, BC, renowned for its beautiful plants. It is so large that it could hold many times more visitors than currently visit it. The garden charges an admission fee of $30 in summer. At this price, 1000 visitors visit the garden each day. If admission were free, 2000 visitors would visit the garden each day.a) Are visits to Butchard Gardens in summer excludable or non-excludable? Are they rival in consumption or non-rival? What type of good is it?b) In a diagram, illustrate the demand curve for visits to Butchard Gardens. Indicate the situation when Butchard Gardens charges an admission fee of $30. Also indicate the situation when Butchard Gardens charges no admission fee. Illustrate the deadweight loss from charging a $30 admission fee, and calculate its size. Explain why charging $30 admission fee is inefficient.2. Governments are in the business of providing information to potential buyers. The first serious provision of information on the health consequences of tobacco use appeared in the United States Report of the Surgeon General in 1964. (a) How would you represent this intervention in a supply and demand for tobacco diagram? Draw a graph to compare the outcomes before and after the intervention.(b) Did this intervention correct a market failure? Briefly explain.3. Suppose there are two types of people: Healthy and Unhealthy. It costs more to insure unhealthy people because they are likely to incur more medical bills. Suppose the marginal cost (MC) of providing an insurance policy is $1,000 for a healthy person and $4,000 for an unhealthy person. Assume healthy people are willing to pay $1,500 for health insurance, and unhealthy people are willing to pay $5,000. Suppose the insurance company charges P = MC so as to earn zero profit.a) With complete information, will all people be insured? If no, explain why. If yes, what would be the price of insurance for each type of people?b) Now suppose there is asymmetric information. People know whether they are healthy or unhealthy, but the insurance company can’t tell. However, it knows that 20% of the population is unhealthy. If people can choose whether to buy insurance or not, who will buy insurance? And what will be the price of insurance in equilibrium? Is this outcome efficient? Explain why or why not.c) Suppose government provides a medical service plan (MSP), which is a universal compulsory medical insurance that everyone has to buy. How should MSP set the price to just break even? Is the outcome efficient? Briefly explain.4. The monthly market demand function for taxi service in Vancouver is given by Qd = 7,000 – 500P, and the market supply function is Qs = 500P – 1,000, where the quantity is in terms of trips and the price is average fare per trip. Please show all steps of your calculation for following questions:a) Calculate the equilibrium market price and quantity.b) All drivers form a taxi driver association to lobby the city government. At their request Vancouver government implements a license system such that the maximum taxi service is restricted to 2,000 trips. Calculate the wealth transfer and deadweight loss caused by this policy.c) Suppose the monthly interest rate is 1%. What is the value of all taxi licenses?d) Who benefits from this lobbying? Who loses?5. The market demand for a vaccine is given by P = 36−Q and the supply conditionsare P = 20. There is a positive externality associated with being vaccinated, and the realsocietal value is known and given by P = 36−(1/2)Q. Calculate and draw a graph to answer the following questions:(a) What is the market solution to this supply and demand problem?(b) What is the socially optimal number of vaccinations?(c) If we decide to give the supplier a given dollar amount per vaccination supplied in order to reduce price and therefore increase the number of vaccinations to the social optimum, what would be the dollar value of that per-unit subsidy?(d) suppose that we give buyers the subsidy instead of giving it to the suppliers. By how much would the demand curve have to shift upward in order that the socially optimal quantity is realized?6. There are two firms that emit pollutant SO2. Currently each emits 150 tons of SO2 per month. The local government wants the total pollution to be reduced to 200 tons per month. Assume the pollution abatement technology of the two firms can be represented by MC functions: MCA = 30 + 2QA, MCB = 50 + 4QB (MC is in terms of dollars and Q in terms of tons of SO2 abated). Suppose the government knows the pollution abatement technology of the two firms, and an emission standard policy is in order. To minimize the total cost of pollution abatement, how should the government set the quantity of SO2 that Firm A is allowed to emit? How many tons should the government allow Firm B to emit? Draw a graph to illustrate your calculation answers.
Collin County College Florida Market & the Hotel Industry in Florida Paper
Starting from an equilibrium situation, graphically show what happens to the supply and demand curves and the equilibrium ...
Collin County College Florida Market & the Hotel Industry in Florida Paper
Starting from an equilibrium situation, graphically show what happens to the supply and demand curves and the equilibrium price and quantity in each of the below situations. Prepare a new graph for each of the following scenarios:Consider the Florida market for the sale of sweaters. What happens when there is an unseasonably long and very cold winter?Consider the Florida market for the sale of grapefruit. What happens when an unseasonably long, cold winter ruins half of the grapefruit crop?Florida has returned to a normal winter pattern of mild sunny weather, but much of the rest of the United States is experiencing a brutal winter weather, including huge amounts of snow and temperatures hovering below freezing in the months of October to April. How might this scenario affect the hotel industry in FloridaMy email is jeankim1942@gmail.com, answer the questions above on a Doc and send it to me also try to attatch the graphs for each question on the doc please format each graph with each question
Scarcity Solutions, economics homework help
Do some research on the country of Ethiopia and discuss:
Who in the Ethiopian society has the most difficult time deali ...
Scarcity Solutions, economics homework help
Do some research on the country of Ethiopia and discuss:
Who in the Ethiopian society has the most difficult time dealing with scarcity?
What do they need most?
How can their society provide for their wants and needs?
Why are they so impoverished?
What can their governments do to help, or hinder their country's development?
Could
Ethiopia become a world-class producer and exporter of goods? How would
Ethiopia compare with Japan? Japan is a country relatively POOR in
natural resources, yet it is an economic world powerhouse. What are the
differences between the two countries?
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