In the News: Sleep Rules Raise Trucking Costs The Federal Motor Carrier Safety Administration (FMCSA) now monitors the sleep hours and practices of long-haul truck drivers. As of July 1, 2013, the FMCSA insists that drivers: Drive no more than 11 hours a day. Work no more than 14 hours a day. Work no more than 70 hours a week. Take a 30-minute break in their first 8 hours of driving. Rest for 34 consecutive hours after completing a 70-hour week, including at least two nights between the hours of 1 and 5 a.m. According to FMCSA, the new sleep rules will reduce chronic fatigue and related crashes, saving 19 lives per year. But the trucking industry says the new rules are too costly and even dangerous. They force drivers to sleep when they're not tired and to drive when they are tired. They also force trucks onto the road at commute times. The $700 billion industry says shipping costs will rise 2 to 6 percent, upward of $2 billion. Source: Federal Motor Carier Safety Administration and news reports of July 2013. How much will annual shipping costs for the trucking industry increase for each saved life? Instructions: Enter your response rounded to one decimal place. million per life (per year) < Prev 4 of 8 Next> DELL %24

If the percent rise in price is larger than the percent decline in quantity, then: the demand for your product could be either elastic or inelastic. the demand for your product is elastic. the demand for your product is inelastic. the demand for your product could be neither elastic nor inelastic.

1. Exercise 14.1 The price elasticity of demand for a textbook sold in the United States is estimated to be -2, whereas the price elasticity of demand for books sold overseas is -3. The U.S. market requires hardcover books with a marginal cost of $40; the overseas market is normally served with softcover texts on newsprint, having a marginal cost of only $15. The profit-maximizing price in the U.S. market is that MR P× (1+ × (1+)) and the profit-maximizing price in the overseas market is (Hint: Remember

An increase in quantity demanded is caused by an increase in the price of a substitute of the product. an increase in consumers' income. a decrease in the price of the product. a shift in tastes and preferences.