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1. Suppose the demand for a product is given by P = 50 - Q. Also, the supply is given by P = 10 + 3Q. If a $12 per unit excise tax is levied on the buyers of a good, after the tax, the total quantity of the good sold is
A) 6B) 10C) 31D) 7
E) None of these
2. Suppose the demand for a product is given by P = 100 - 2Q. Also, the supply is given by P = 20 + 6Q. If a $8 per unit excise tax is levied on the buyers of a good, after the tax, the total amount of tax paid by the producers is
A) 81B) 72C) 54D) 4
3. Suppose the demand for a product is given by P = 100 - 2Q. Also, the supply is given by P = 20 + 6Q. If an $8 per unit excise tax is levied on the buyers of a good, government revenue is equal to:
A) 81B) 72C) 243D) 4E) None of these
Factory workers at each plant have the same characteristics (e.g., skills, alternative employment opportunities, level of income, risk aversion, etc.). The quality of a toothbrush produced is easy to supervise but the effort exerted by a worker is..
A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable cost of $17.50 per unit for the first 50 units and then $37.50 per unit for all successive units. What is the marginal c..
Suppose there are five goods in the economy, A-E. The current-year quantity of each is 10A, 20B, 30C, 40D, and 50E. Current-year prices are $1 for each unit of A, $2 for each unit of B, $3 for each unit of C, $4 for each unit of D, and $5 for each..
a. What is the demand curve for the Toyota Camry if the price of the Accord is $25,000, gas is $2 per gallon and income is $50,000 b. What is the equilibrium price and quantity in the market for Toyota Camrys
In 1981, a Boston-based gas station owner set the highest gasoline prices in the nation. During that summer, he charged $1.69 per gallon for unleaded gas during the daytime and $2.59 per gallon at night, when other downtown gas stations were close..
A demand curve is given by QD = 600 20P. Draw the demand curve. You don't have to draw to scale. Clearly show what happens on this demand curve when the price rises from $6 to $8. Label all appropriate points, as well as numerical values for pric..
Keeping in view this notion, assume that Investment (I) = 100, Savings (S) = 120, Exports (X) = 40, Imports(M) = 30, Taxes (T) = 40, Government Expenditures (G) = 50a. Point out the leakages and injections functions.
consider a monopolist facing the market demand p=100-2q. Marginal cost equals to 10; How many unit will t produce At what price Compute and identify in a graph: monoplist profit, consumer surplus and deadweith loss.
Each year in the United States nearly 5 billion pounds of discarded carpet end up in land fills. In response to this situation, the carpet manufacturer has decided to start a take-back program whereby obsolete carpet is reclaimed at the end of its..
where P is the price per crate of grapes and quantities are in crates per month. Suppose long-run entry into this grape market forces Altobella to produce at the minimum average total cost. What level of output will Altobella produce.
Corporate orders generate an avg. contribution of $100 per coat. Firm K has just recieved and unexpected order for up to 300 coats but has unused capacity to produce only 200. One manager recomends delivering 200 coats.
The BXC Company manufactures various types of parts for automobiles. The manger of the factory wants to get a better understanding of the overhead costs. The overhead costs include supervision, indirect labor, supplies, payroll taxes
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