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Assume that the supply of a best-selling book at local book stores throughout the United States is a function price such that:
Q5=-5+5P (Supply)
Where Q is the number of books sold (in thousands) and P is the book price. Given tha availability of this book on amazon.com for $20, demand is perfectly elastic at a price of $20.
Derive the second book supply curve based upon the assumption local sales are subject to an 8% sales tax that is not imposed on internet sales. Calculate the book price and quantity effects of the local 8% sales tax. With perfectly elastic demand, who pays the economic burden of such a tax?
Describe the Soviet Rapid Development Model
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
Discuss the impact on wages, employment in the industry, and the economic welfare of the following input market structures. In which case will the deadweight loss be the smallest?
Bavarian Crystal Works designs and produces lead crystal wine decanters for export to international markets-What is the optimal level of production of wine decanters?
Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. But many economists think that, to understand economic recession, it is more significant to look at investment than consumption. Why?
Social Dynamo Corporation earned profits last year of $49 million on sales of $500 million. During the same period, its major competitor - EIO Corp.- enjoyed sales of $490 million and earned profits of $52 million.
You're the manager of a paper mill and have been subpoenaed to appear before a joint session of the Senate Consumer Affairs and the Senate Environmental subcommittees.
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
Characterize each of the following statements as true or false, and explain your answer.
Illustrate the position of US economy over the next couple of years using aggregate demand and supply curves if these expectations are to be realized.
Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
If the US population is growing at .88% per year, while GDP is growing at 2.5% per year, and if these growth rates remain constant for the next five years, what will be the population and GDP levels in five years? Please show your work.
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