You are the manager of a train company. Recently total sales have been a bit low and you are now considering means to give sales a boost. Market research has shown that currently the price of train tickets is historically low. Market research has also shown that the demand curve for train tickets is downward sloping. You may assume that your company is not a price taker on the market. (Draw pictures to support explanation) a) One of your colleagues has suggested that it is important to lower the price of train tickets. In that case, she argues, the demand will increase. Do you agree with her? Explain why. b) She continues her argument by concluding that if the demand goes up, the total value of sales of train tickets should therefore increase. Do you

You are the manager of a train company. Recently total sales have been a bit low and you are now considering means to give sales a boost. Market research has shown that currently the price of train tickets is historically low. Market research has also shown that the demand curve for train tickets is downward sloping. You may assume that your company is not a price taker on the market. (Draw pictures to support explanation) a) One of your colleagues has suggested that it is important to lower the price of train tickets. In that case, she argues, the demand will increase. Do you agree with her? Explain why. b) She continues her argument by concluding that if the demand goes up, the total value of sales of train tickets should therefore increase. Do you

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
please help with #4
Typed plzzz And Asap Thanks
Construct a stem-and-leaf display, given the following data from a sample of midterm exam scores in finance: 51 64 97 70 99 52 52 82 70 O Fill in the stem-and-leaf display below. 5 (Do not use a comma to separate answers.)
Figure 1 P 100 70 60 50 20 30 40 S D Q
9 QUESTION 10 PRODUCT Product X Product Y Product Z YEAR 2000 2001 2002 2003 2004 price: $2.00 $3.00 $4.00 $5.00 $6.00 quantity: 1,000 1,000 1,000 1,000 1,000 price: $1.00 $1.00 $1.00 $1.00 $1.00 quantity: 1,000 1,250 1,500 1,750 2,000 price: $4.50 $4.75 $5.00 $5.50 $6.00 quantity: 1,000 1,000 1,000 1,000 1,000 10. The 2000 market basked would cost $ in 2003?
None
e Price -Q₁ Quantity Which of the following scenarios is BEST represented in the graph? A number of sellers increase B decrease in government taxes C resource costs increase D technology improves
The table provides data on the price of an umbrella, the amount of rainfall, and the number of umbrellas bought per day. Price (dollars per umbrella) 20 30 40 2 inches 30 20 15 2) 3 inches. Label the point 2. 3) 4 inches. Label the point 3. Umbrellas (number per day) 3 inches 40 30 25 4 inches 60 45 30 Draw points to show the price when the quantity is 30 umbrellas and the rainfall is 1) 2 inches. Label the point 1. Draw a curve through these points to illustrate the relationship between rainfall and price when the quantity is constant at 30 umbrellas. 40- 30 20- 10- 0 Price (dollars per umbrella) Rainfall (inches per day) >>> Draw only the objects specified in the question.
a. Estimate the demand equation for the product. Month Price Amount January 18 50 February 16 55 March 14 60 April 12 65 May 10 70 June 8 75 b. Estimate the supply equation that the product presents. Month Price Amount January 10 70 February 11 90 March 12 110 April 13 130 May 14 150 June 15 170 c. If that buyer and seller of the above data come together in a market, will it be possible for the breakeven point to be obtained? Use the graphical and mathematical process to find the solution
WHat are the graphs for both?
Solve all this Question you will not solve all questions then I will down upvote....