Suppose Anyone with a Driver's License Is Capable of Supplying

question 84

Essay

Suppose anyone with a driver's license is capable of supplying one trip from the airport to the downtown business center on any given day.The long-run supply curve of such trips is horizontal at p = $50,which is the average cost of such trips.Suppose daily demand is Q = 1000 - 10p.Calculate the change in consumer surplus,producer surplus and social welfare if the city government requires those people supplying such trips to possess a special license,and the government will issue only 300 licenses.

---

Definitions:

Schizophrenia

A chronic and severe mental disorder affecting how a person thinks, feels, and behaves, marked by delusions, hallucinations, and disordered thinking.

Schizophrenia

A psychological condition marked by altered cognition, feelings, speech, self-identity, and actions.

Symptom

A physical or psychological sign of a disorder.

Genetic Factors

Elements within an individual's genetic makeup that influence their traits, behaviors, and susceptibilities to diseases.