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Roman55 [17]
3 years ago
6

The Acmeville Metropolitan Bus Service currently charges $0.88 for an all-day ticket, and has an average of 433 riders a day. Th

e bus company is not earning a profit, but according to their contract with the city, they cannot cut the number of buses on the road. They must therefore find a way to increase revenues. The bus company is considering increasing the ticket price to $ 0.99 . The marketing department's studies indicate this price increase would reduce usage to 182 riders per day. Calculate the absolute value of the price elasticity of demand for bus tickets using the simple percentage change method. Round your answer to one decimal place.
Business
1 answer:
cupoosta [38]3 years ago
3 0

Answer:

Absolute value of the price elasticity of demand = 6.8 (ELASTIC)

Explanation:

<em>(See attached)</em>

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Because of the difference between the discipline imposed by market competition and the discipline imposed by political decisions
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Answer:

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Explanation:

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Resources

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Factors of production includes land, labor, capital, and entrepreneurship.

The reasons for government intervention is due to the allocation function, market failure occurs in case of Public Goods, externalities, Insufficient Competition; distribution function and stabilization function. Government influences decision making by establishing legal framework within which businesses and households operate.

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Korey's perceptual bias is the fundamental attribution.

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This type of bias is shown by Korey because he:

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What is a "social cost" of production?
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Answer:

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3 0
3 years ago
A company has a $4,000, 270-day, 6%, note payable recorded on its books which was dated July 2, 2013. The interest expense is pa
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Answer:

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