The emergence of ride sharing apps like Lyft and Uber have created gains from trade by introducing new sellers into the market for taxi services and decreasing the price of rides. introducing new buyers into the market for taxi services and increasing the price of rides. pushing traditional taxi companies and drivers out of the market. requiring all of their drivers to have a valid driver’s license and a clean driving history.

Which of the following is most likely to have a low price elasticity of demand? A good that is very expensive. A good with no close substitutes. A good that most people consider a luxury. All are equally likely to have a low price elasticity of demand.

For distract driving

An airline has two types of passengers: business passengers with fairly tight schedules and inelastic demand for airline flights and vacation passengers with flexible schedules and more elastic demand for airline flights. The tables below show the demand information for both types of passengers and the market demand for a single airline flight. Business Traveler Demand Vacation Traveler Demand Market Demand Same Price for All Passengers Price Quantity Demanded Marginal Revenue (dollars) (seats) (dollars) Price (dollars) Quantity Demanded Marginal Quantity Marginal (seats) Revenue (dollars) Price (dollars) Demanded Revenue (seats) (dollars) $500 0 $500 0 $500 0 450 25 $400 450 0 450 25 $400.00 400 50 300 400 0 -- 400 50 300.00 es 350 75 200 350 50 $300 350 125 266.67 300 100 100 300 100 200 300 200 166.67 250 125 0 250 150 100 250 275 66.67 200 150 200 200 0 200 350 16.67 150 175 150 250 150 425 100 200 100 300 100 500 50 225 50 350 50 575 0 250 0 400 0 650 Instructions: Enter your…

True/ False  There is a price discrimination in the monopoly market.

If you cannot prevent resale of your good, which of these occurs when attempting price discrimination? You'll end up selling large quantities at a low price. You won't be able to sell much at the low price. You'll end up selling large quantities at a high price. The people who buy at high prices will then resell the good at a discount.

Take care of plagiarism.   1.A 10% increase in price that leads to a 12% decrease in the amount purchased indicates a price elasticity of more than 1 (in absolute value). True False   2. A 10% increase in price that leads to a 2% decrease in total expenditures (or total revenue) indicates a price elasticity of more than 1 (in absolute value). True False   3. If the percentage change in price is less than the resultant percentage change in quantity demanded, demand is__________ .(elastic/inelastic/unit elastic)

How do apple growers react to the news of medical research findings that suggest that eating apples leads to greater health benefits than were previously known?     They increase the supply of apples.     They increase the quantity of apples supplied.     They decrease the supply of apples.     They decrease the quantity of apples supplied.

What is the term that economists use for pricing that is inconsistent among consumers? a. moral hazard b. price discrimination c. adverse selection d. uniform distribution

Price Elasticity of demand is important to business  Shift tax burden to consumers  Price discrimination  Pls provides examples