Answer to Question #67248 in Other Economics for Hafiy

Question #67248
1) why good harvest will lead to the farmer's income fall/ 2) Price for the subway ride or bus ride needs to be increased or decreased in order to increase the total revenue. 3) How about the price of taxi in order to increase total revenue
Expert's answer
1) With a good harvest offer of agricultural commodities on the market will rise. Along with that, prices for them will fall leading to the farmer’s income fall.

2) Subway ride service has very little substitutes. That is why, an increase of its price will unlikely to decrease the demand. Therefore, total revenue will increase with an increased price for it.

3) If a wide network of local municipal transport in place, taxi service has significant elasticity. That is why, rise of price for taxi service will likely to provoke less revenue.

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Assignment Expert
11.04.17, 08:33

Dear Hafiy,

Questions in this section are answered for free. We can't fulfill them all and there
is no guarantee of answering certain question but we are doing our best. And if answer
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10.04.17, 06:54

how the result?

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