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Author Question: The Mass Rapid Transit (MRT) System in Hong Kong has been running significant losses. Transport ... (Read 67 times)

cmoore54

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on: Jun 29, 2018
The Mass Rapid Transit (MRT) System in Hong Kong has been running significant losses. Transport Ministry officials have argued over whether to raise fares to combat the losses.
 
  One argument against a fare increase is that it will aggravate traffic congestion on the streets during peak commuter hours. Suppose that the current fare is 4 and the government is considering raising it to 6. Officials estimate that this reduces the number of rides purchased from 10,000 to 8,000 per day.
 
  a. Using the midpoint formula, what is the estimated elasticity of demand for MRT rides?
  b. What does this elasticity of demand suggest to you about what will happen to total revenue earned by the transit system if the fare increase happens?
  c. Last year, the MRT system incurred a loss of 50,000 per day. Do you think the fare increase will resolve the deficit problem as well as Ministry officials anticipate? Explain.

Question 2

Refer to Table 2-11. What is South Korea's opportunity cost of producing one digital camera?
 
  A) 0.05 pounds of wheat B) 20 pounds of wheat
  C) 25 pounds of wheat D) 60 pounds of wheat
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jlaineee

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Reply #1 on: Jun 29, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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cmoore54

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

chjcharjto14

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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