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Let the market for cigarettes be characterized by the following information:
Qd = 70 – 5P [Demand]
Qs = 3P – 10 [Supply]
Suppose the government imposes a sales tax of$2 per unit. Answer questions (i) through (v) below:
i) Calculate the magnitude of the consumer surplus and producer surplus in the pre-tax equilibrium.
ii) Calculate the tax revenue in the post-tax equilibrium.
iii) Calculate the change in consumer surplus due to the sales tax.
iv) Calculate the change in producer surplus due to the sales tax.
v) Calculate the Dead-Weight-Loss due to the sales tax.
In the country of Sildavia, a market basket of goods and services cost $ 130 in 2003, $ 140 in 2004, and $160 in 2005. Based on this information and considering 2003 as the base year, inflation from 2003 to 2005.
If Jason produces 250 kilograms of food per month, Explain how more liquor must he produce to achieve production efficiency.
Write down the decision box which combines the letter grade and the amount of fun you have into a single payoff for each outcome.
Derive the degree of homogeneity of the production function given by (I). Show all steps in deriving your answer - prove that the fiumtion in (1) above is strictly concave on R++.
With vertical integration in a monopolized environment: When a new baseball team enters a league, the effect on nearby teams is to: The true cost of monopoly power to society is attributable to: Natural monopolies are distinguished by
There are three ice cream vendors who are deciding where to locate on a beach. The only decision that they have to make is where to locate the store that they have to run. There are 10 positions available on the beach and costumers are uniformly dist..
Examine how the Federal Reserve controls the money supply. In a paper, formulate how the independence of the Federal Reserve should or should not be modified in any way.
If a firm’s short-run average total cost function and its short run variable cost function satisfy: SAC(200, w, r, K) = 16, SAVC(200, w, r, K) = 12, SAVC(400, w, r, K) = 16, at a specific wage w, a specific rental rate r, and specific fixed capital l..
All other things being equal, by how much will nominal GDP expand if the central bank increases the money supply by $100 billion, and the velocity of money is 3? Suppose now that economists expect the velocity of money to increase by 50% as a result ..
Describe the characteristics of optimal contracts in principal-agent problems when the agent (manager) is risk neutral.
Economic relationships between Spain and Portugal, and Europe (England, France, Holland): Structures of dependence. Differences between Spain and England and how these difference extended to and/or influenced the development of the Spanish colonies.
How much interest is in the sixty-fourth payment? How much principal? D. How much interest is in the sixty-eighth payment? How much principal?
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