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Elasticity, Production and Cost in the Firm
Answers the questions
Question 1
When a government wants to increase tax revenue, they will often increase the sales tax on gasoline. Using price elasticity of demand, explain why the tax would be placed on gasoline rather than, say, yachts. What might be the long run effect of raising the price of gas?
Question 2
The shape of the long-run cost curve is determined by economies and diseconomies of scale. Contrast this curve with the short-run cost curve as it relates to increasing and diminishing marginal returns to labor.
Question 3
(Determinants of Price Elasticity) Why is the price elasticity of demand for Coca-Cola greater than the price elasticity of demand for soft drinks generally?
Illustrate what is the amount of the producer surplus for Juan Carlos combined.
Illustrate the quantity of laptops demanded, the level of imports of laptops, the price paid for laptops and the consumer surplus
Give at least three explanations of why economic reasoning would argue that this is to be expected.
Using the exchange rates and prices in the tables above:
Define and describe the difference between the absolute advantage and the comparative advantage.
the grocery store next door provide an offers to double coupon night for Senior Citizens.
In national income accounting identity showing the equality between national saving and investment, what is the representation of private saving and what is the representation of public saving?
The Microsoft trial has been only one of the biggest investigations of antitrust behavior as the turn of the century.
Using the static classical AD/YP model, demonstrate the effect of each of the following changes.
Calculate the equilibrium real wage rate and the equilibrium quantity of labor. Suppose that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0. Compute the real wage rate.
Suppose a friend you know requires a mortgage loan to purchase a house. Your friend can purchase it now or wait until later and is unsure of what to do.
In the following list a number of well-known companies and the products that they sell. Which of the four types of markets (perfect competition, monopoly, monopolistic competition, and oligopoly)
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