Econ questions

a) cost defined as the highest valued option forgone, so that the cost of taking the minibus should be highest valued option the consumer did not take. For example, taking the MTR as a transport tools like minibus.
However, the option of taking the MTR is not easily measurable. So, we may convert the option into time basis. The time used in taking MTR to the same place should be cost. Well, in the peak hour, people are always taking MTR as a common transport. The time of taking MTR will increase when more and more using the same MTR station. However, in the non-peak hour, the people using MTR station will be fewer, it means that the time you spent in taking MTR may fall. The cost of taking a minibus ride during pepak hours higher than that during non-peak hours

B)the answer should be C,
Long queues-> Qd > Qs
under equilirium price control, Qd>Qs

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It is because as there is excess demand on minibus services during peak hours, as the price remains the same and you will incur extra waiting time to have minibus services, thus cost of taking it is higher during peak hours.
Long queues are often seen outside public clinics. This is probably because:


2009-01-12 15:10:53 補充：
c) the price of medical services in public clinics is lower than the market equilibrium price, hence long queues seen