Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

nswer 1: France has a comparative advantage in the production of cars. 10 / 15 pts Question 3 As part of your job at the

image text in transcribed
nswer 1: France has a comparative advantage in the production of cars. 10 / 15 pts Question 3 As part of your job at the Bus Rapid Transit (BRT) here in Madison, you help with the analysis of the regional transportation system. The following equation shows the market demand for bus tickets from Madison to Milwaukee: P = 2000 - 2Qd If the market supply curve in the bus market is given by P = 6Qs, the equilibrium price is $1500 and the equilibrium quantity is 250 tickets . Suppose that due to Covid-19 there has been an adverse change in consumer tastes and preferences in the bus market that shifted the demand curve to: P = 1800 - 2Qd If the price of bus tickets remains the same, there will be a surplus of 150 tickets . Answer 1: $1500 Answer 2: 250 tickets Answer 3: ered a surplus of 150 tickets nswer a surplus of 100 tickets

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essays In Our Changing Order

Authors: Thorstein Veblen

1st Edition

1351311425, 9781351311427

More Books

Students also viewed these Economics questions

Question

What is the effect of word war second?

Answered: 1 week ago

Question

4. Similarity (representativeness).

Answered: 1 week ago