1.1. Suppose that the supply and demand for taxi rides is given by Figure 5-8 but the...
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1.1. Suppose that the supply and demand for taxi rides is given by Figure 5-8 but the quota is set at 6 million rides instead of 8 million. Find the following and indicate them on Figure 5-8.
a. The price of a ride
b. The quota rent
c. The deadweight loss
d. Suppose the quota limit on taxi rides is increased to 9 million. What happens to the quota rent? To the deadweight loss?
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Godswill Okorie
M.Sc chemistry specialization in organic chemistry, B.ed .I am having industry experience of seven years working with Ranbaxy nd Shimadzu analytical India by working as an application chemistry.I am having good practical experience on chromatography techniques,which later helped me in my teaching.I worked as PGT chemistry teacher with KV and APS.
As a teacher I was able to achieve good results with my students.I used to take 11th and 12th chemistry and science to classes 7th ,8th and ninth. While teaching I used to guide students for various carrier opportunities.
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