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Again & again on congestion pricing

This Age journalist complains about the $18 cost of his son’s cross town journeys to visit his girlfriend. His diagnosis of the problem is, however, wrong. The costs of using CityLink in Melbourne are based on guaranteeing a secure profit for Transurban. The objective is cost-recovery with a margin. The more sensible reason for road […]

Tobacco demands becoming price elastic?

I always told my economics students that while retailers often did not know the elasticity of demand for their products – how sensitive demands are to prices – they could easily infer this information by experimenting with price variations. If prices are increased a bit and firm revenues from a product fall then demands are […]