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1. Border Crossings into B.C. Up 15 Percent
Cheap gasoline brought 964,000 American visitors through border crossings in B.C. during the first four months of 2016, a 15 percent increase from the previous year.
Source: Vancouver Sun, July 9, 2016
The U.S. energy Information Administration reports the average price of gasoline
was $2.83 a gallon in July 2015 and $2.22 a gallon in July 2016.
a. List and explain the elasticities of demand that are implicitly referred to in the news clip.
b. Estimate a price elasticity of demand for B.C. border crossings.
Ride-Hailing Could Lead to More Road Congestion
An American study says ride-hailing companies Uber and Lyft, now arriving in Canada, bolster public transit by extending its reach from the first to the last mile. Another view is that they undermine public transit by providing a lower-cost service that worsens congestion.
Source: Vancouver Sun, March 10, 2017
2. Are Uber rides and transit rides complements or substitutes? Explain your answer.
3. What is the effect on the price and quantity of smartphones if the price of a music- streaming subscription falls or the price of a wireless plan rises? (Draw the diagrams!)
4. Saudi Arabia Oil Revenues Shrink
As the price of oil fell from $99 a barrel in September 2014 to $53 a barrel by September 2015, Saudi Arabia’s oil revenues fell by 23 percent, compared with its 2014 oil revenues of 444.5 billion riyals.
Source: News.markets, December 29, 2015
A) How can you use the information in the news clip to determine whether the demand for Saudi Arabian oil is elastic or inelastic?
B) How can you use the information in the news clip to estimate the magnitude of the price elasticity of demand for Saudi Arabian oil?
C) Does the news article tell us whether the supply of Saudi Arabian oil is elastic or inelastic? Explain.
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