Compute the arc price elasticity of demand over this price and consumption quantity range. Ey = ((1800 – 1500) / ((1800 + 1500) / 2)) ((1.75 – 2.25) / ((1.75 + 2.25) / 2)) Ey = 300 ($4.00) -$0.50 (300) Ey = -8% 4. The subway fare in your town has just been increased from a current level of 50 cents to $1.00 per ride. As a result‚ the transit authority notes a decline in ridership of 30 percent. a. Compute the price elasticity of demand for subway rides. fare price increase
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Outcome 2: Understand the kinds of influences that affect children and young people’s development 2.1 Describe with examples the kinds of influences that affect children and young people’s development including: a) background b) health c) environment Background and family environment Children and young people will come from a range of cultures‚ environments and circumstances and many families will go through significant changes during the time a child is at school. Such
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Supply and Demand is one of many important concepts that gorvern our society’s economics. People encounter such concept not only at their workplaces‚ but also in their daily life. People are constantly switching their role in this game of play and catch. One minute they are buyers with demands ranging from housewives’ kitchen utensils to celebrities’ multi million dollars necklaces; the next‚ they turn into suppliers that handle products such as one’s toothpaste to luxurious services such as that
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INTRODUCTION The paper presents an analysis of the different factors influencing the restaurant industry and how these factors increase or decrease the demand for such services. The hypothesis that will be examined is that the performance of restaurants is mostly based on the type of food chosen by customers when they decide to go out for dinner‚ lunch‚ breakfast‚ or simply for a snack. What type of food refers mainly the nationality or concept of the food‚ (traditional American‚ Italian‚ Indian
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If supply curve shifts‚ how it is going to affect the market equilibrium. How market will resettle to the new equilibrium?? Changes in price result in movement along the supply curve‚ changes in other relevant factors cause a shift in supply‚ a shift of the supply curve to the left or right such a shift results in a change in quantity supplied for a given price level. If the change causes an increase in the quantity supplied at each price level. If the change causes an increase in the quantity
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Supply and Demand Pharmaceutical Industry In today ’s society‚ a large percentage of the population requires prescription drugs to treat injury or illness. In some cases‚ the need for drugs may be short term and in other cases‚ the drugs may be required for the remainder of an individual ’s life. In all cases‚ prescription drugs are not free; the individual or his or her insurance company pays. The type of drug and available substitutions generally drive the costs. In this paper‚ I will summarize
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others in society‚ but from their distinctive physical or mental defects. The positivists understood themselves as scientists and were concerned with scientifically identifying the causes of criminal behavior in individual offenders. Biological Factors in Crime Not many want to believe there is any such thing as a "bad seed;" that heredity can make criminal behavior unavoidable and inevitable for some individuals. Of course‚ bio-psychologists do not believe that genetic or physiological components
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The concept of socioeconomic status is a significant factor that can ultimately affect a student’s education. What is socioeconomic status? It is a status that is measured by many different variables such as gross assets‚ wealth and parent’s education backgrounds (Chapman and Ryan 2005). This is an extremely basic definition and leaves room for ambiguity‚ due to the fact it does not take other complicated variables into account such as mortgages‚ rent‚ home ownership‚ and other various financial
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Bingying Jiang CHM 152ll April 25‚ 2013 Some Factors that Affect the Rate of a Reaction BACKGROUND: Chemical reactions occur at different rates. In this experiment I will consider some of the key factors that influence the rate of a reaction: * nature of reactants - particle size * temperature * catalysts According to the collision theory‚ the rate of a reaction depends on the frequency of collisions between reacting particles. The more frequent the collisions‚ the
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student achievement. In fact‚ Professor William Sanders of the University of Tennessee argues persuasively that "the single most dominant factor affecting student academic gain is teacher effect."1 However‚ little statistical research is available for evaluating which type of training and teaching degree has the best effect on student achievement. As the demand for higher academic achievement and accountability in public education grows‚ it is important to determine whether teachers who hold advanced
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