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The demand for football tickets is given by Q = 360 – 10P, and the supply of football tickets is given by Q = 20P (where P and Q are the market price and quantity respectively). i. Calculate the equilibrium price and quantity in this market. b. Now suppose that a $4 unit tax is imposed on sellers of football tickets. i. Calculate the new equilibrium price and quantity in the market for football tickets. ii. How much of the $4 unit tax is paid by the buyers? iii. How much of the $4 unit tax is paid by the sellers? [3 points] iv. How much revenue does government collect from that tax?
Assume your local congressman calls you for some economic advice. He wants to sponsor legislation to increase public spending on such common medical interventions as because he’s been told early detection saves money:
Finding the required interest rate Your parents will retire in 15 years. They currently have $270,000, and they think they will need $850,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any ad..
q.jennas boss has decided to pay her a one-time bonus of 5000. she decides to save the money until she retires 4 years
Write a short essay (about 25 words) on the opportunities and challenges of international marketing - List and explain four factors that determine market characteristics - Explain the following terms IN YOUR OWN WORDS o Political Risk o Gray market o..
There is a direct relationship between a growing real GDP also rising pollution. Growth provides an economic environment favorable to education also self-fulfillment.
Jane, like Mary, grows silver bells and cockle shells in her garden, only she doesn’t have any space constraints. She does have a money constraint: she can only spend 500 pence (p) on flowers. Like Mary, Jane has a utility function for silver bells (..
Assume that the United States, as a steel importing nation, is large enough so that changes in the quantity of its imports influence the world price of steel. The U.S. supply and demand schedules for steel are illustrated in Table 4.12, along with th..
What role, if any, do property rights (efficient or inefficient) play in designing and implementing environmental policy?
You are a manager in charge of monitoring cash flow at a company that makes photography equipment. Traditional photography equipment comprises 40 percent of your revenues, which grow about 2 percent annually. If the own price elasticity of demand for..
Conclude which economic indicators the Federal Reserve should examine so it can better stabilize this particular economy.
A monopoly firm faces a demand curve given by the following equation: P = $500 − 10Q, where Q equals quantity sold per day. Its marginal cost curve is MC = $100 per day. Assume that the firm faces no fixed cost. How much will the firm produce? Suppos..
Some restaurants are open only for breakfast and lunch but are closed for dinner. What economic factor's determine if it is better to close the restaurant for dinner or leave it open for all three meals times. What general costs (Fixed and/ or variab..
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