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For the linear demand function x = a - bp calculate the deadweight loss of introducing a commodity tax t when the marginal cost of production is constant at c. How is the deadweight loss affected by changes in a and b? How does a change in b affect the elasticity of demand at the equilibrium without taxation?
The staff economist at the utilities commission estimates the demand and supply curves for pay telephone service as follows: D: Q = 1600 - 2400P S: Q = 200 + 3200P where P is the price of a pay telephone call, and Q is the number of pay telephone ..
Suppose there are 100 firms in the economy. Let us call them firm 1, firm 2, and firm 100. For firm j (j=1,2,100) the labor demand (or equivalently MPN) is Nj = 1 - 0.02w where w is the real wage. Note that labor demand function for the whole econ..
Why is the pollution haven hypothesis more likely to be correct in the case of recycled batteries than in the case of sock production?
An individual is considering two investment projects. Project A will return a zero profit if conditions are poor, a profit of $4 if conditions are good, and a profit of $8 if conditions are excellent. Project B will return a profit of $2 if condi..
The consumption function is: C = 200 + 0.75 (Y - T) The investment function is: I = 200 - 25r Government purchases and taxes are both 100 For this economy, graph the IS curve for the r ranging from 0 to 8.
What is the optimal price of the textbook from the author's point of view and by how much would the demand for the textbook change if advertising were increased by 2%?
A monopolistic firm faces the following demand curve. Q = 7800 -12 P This monopoly's cost function has been estimated as follows: TC = 460,000 + 50 Q a. What price should this monopoly charge to maximize its profit b. What would be its equilibrium..
Assume that Vik reduces its price and increases its sales to 90 pairsandthat this also causes a fall in Fleet's sales to 70 pairs per week. What isthe cross-elasticity between the two products?
Urea is used as a fertilizer in cultivation of agricultural products. In Pakistan there are very few industrial plants for the production of urea. Energy shortage has badly affected the production of these industrial plants. This situation has inc..
A used car delaer advertises financing at 0% interest over 3 years with monthly payments. You must pay a processing fee of $250 at signing. The car you like cost $6000. a) What is you effective annual interest rate
The St. Louis Federal Reserve bank at www.research.stlouisfed.org/fred2 provides data on both real GDP (chained 2000 dollars) and real potential GDP for the United States. To get the data, first click on Gross Domestic Product (GDP) and Components..
suppose thurston, a color blind consumer, has 80$ to spend on either lime green or pink sweater. Thurston does not care what color sweater her wears but deems it very important to buy as many sweater as possible with the 80 $. Pink sweater cost 20..
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