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The annual demand for liquor in a certain state is given by the following equation Qd= 500,000 - 20,000P, where P is the price per gallon and Qd is quantity of gallons demanded per year. The supply of liquor is given by the equation Qs= 30,000P. Solve for the equilibrium annual quantity and price of liquor. Suppose that a $1-per-gallon tax is levied on the price of liquor received by sellers. Use both graphic and algebraic techniques to show the impact of the tax on market equilibrium. Calculate the excess burden of the tax, the amount of revenues collected, and the incidence of the tax between buyers and sellers.
Consider a firm with market power that sells suits. The firm has two types of customers, A and B. There are five times as many type-A customers as there are type-B customers. Type-A customers are willing to pay up to $100 for a coat and up to $50 for..
If you want to withdraw $20,000 at the end of three years and $50,000 at the end of five years, how much should you deposit now into an account that pays 8% interest compounded annually?
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of..
Consider each of the following goods and services. For each, identify whether the law of one price will hold, and state whether the relative price, q g US/Foreign, is greater than, less than, not equal to 1, or equal to 1. Explain your answer in term..
I am trying to aggregate demand functions. If the two functions are Q1=150-10P and the second function is Q2=150-5P, what would the aggregate function be?
A manufacturer of microwaves has discovered that male shoppers have little value for microwaves and attribute almost no extra value to an auto-defrost feature. Female shoppers generally value microwaves more than men and attribute greater value to th..
Consider a closed economy in which GDP equals $15 billion, consumption equals $9 billion, government purchases equal $2 billion, and tax revenue equals $1 billion. What is investment equal to in this economy? What is national saving equal to in this..
Draw ppf how each of the following events effects the location of a country's production possibilities curve a. the quality of education increases b. number of unemployed workers increased c. new technologies improves the efficiency of extracting cop..
Suppose a typical consumer`s inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P=15-3Q. The marginal cost for gathering and bottling the water is $3 per gallon. Find the optima..
Analyze the differences between short and long run production for a Perfectly Competitive Firm. In your analysis, explain the theoretical conditions that govern the market structure, market conduct and market performance of a perfectly competitive fi..
The table below shows the cost of a fixed basket of goods that a typical urban consumer would buy in the economy of Kindleberger, where the base period for the consumer price index (CPI) is the year 2000.
Describe the key structural differences between the economies of the United States and China. What are the main sources of economic growth in each of these economies? How do these differences impact the countries' economic growth rates and developmen..
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