Question consider again the new york taxi market where, Ask an Expert

Economics

Question: Consider again the New York taxi market, where demand is given by

Q = 10 - .5P, each taxi's cost is C = 980 + 3Q, and ACMIN = $10 at 140 trips per week.

a. Suppose that, instead of limiting medallions, the commission charges a license fee to anyone wishing to drive a cab. With an average price of P = $15, what is the maximum fee the commission could charge? How many taxis would serve the market?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M93137696

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