At an urban college where most students commute to classes, Ask an Expert

Economics

At an urban college where most students commute to classes, there are 8,000 parking spaces for students. All students pay $150 a semester for a pass that allows them to park in any one of those 8,000 spaces. Between 8AM-1PM there are always students waiting in the parking lots for spaces to open up. Students attending classes during this time are always complaining about how difficult it is to find a place to park. Between 5PM-9PM there are always a large number of empty spaces in the parking lots. Students who attend classes at night never have a problem parking.

Illustrate the parking situation for these two different times of day using Supply and Demand Curves.

Draw seperate graphs for the day and night students.

(Hint: Supply is fixed. Are these "markets" in equilibrium? Explain.)

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91710708

Have any Question?Write your Review or question?

Related Questions in Business Economics

A research group needs to determine a 90 confidence

A research group needs to determine a 90% confidence interval for the mean repair cost for all car insurance small claims. From past research, it is known that the standard deviation of such claims amounts to $124.88. (a ...

Sally purchases hardwood lumber for a custom

Sally purchases hardwood lumber for a custom furniture-building shop. She uses three suppliers, Northern Hardwoods, Mountain Top, and Spring Valley. Lumber is classi ed as either clear or has defects. Sally estimates tha ...

Do you think that the taxicab industry in large cities

Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?

In some states allow requires drivers to turn on their

In some states allow requires drivers to turn on their headlights when driving in the rain. A highway patrol officer believes that lesson one-quarter of all the drivers follow this rule. As a test, he randomly samples 20 ...

Under the trade model with external economies of scale is

Under the trade model with external economies of scale, is it possible for a country to be worse off with trade than it would have been without trade? Justify your answer.

Companies persue closer coordination and collaboration with

Companies persue closer coordination and collaboration with channel suppliers to better address customer needs inorder to 1) Develop human resource management activities that improve the skills , expertise and knowledge ...

The number of times that a person contracts a cold in a

The number of times that a person contracts a cold in a given year is a Poisson random variable with parameter λ=6 . However a new drug has just been marketed that reduces the Poisson parameter to λ=3 for 35 % the popula ...

In what kind of economy is a central planning board or

In what kind of economy is a central planning board or commission typically used to answer the basic economic questions?

Suppose demand is given by the equation qd 80p using the

Suppose demand is given by the equation: QD = 80/P Using the midpoint method, what is the price elasticity of demand between $2 and $4?

The current value of a company is 25 million if the value

"The current value of a company is $25 million. If the value of the company six year ago was $10 million, what is the company's mean annual growth rate over the past six years?" Please explain how the answer was reached ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert