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Imagine a world with two individuals, a rich one denoted by R, and a poor one denoted by P. Both individuals consume gas, and their demands are given by QR = 100 - 0.5P and QP = 60 - P respectively, where P is the price of gas, and QR and QP are the quantities consumed. Imagine the price of gas is $40. The government wants to introduce a carbon tax of $10 per units of gas consumed, but is concerned about the impact it will have on the poor individual. (a) Is it possible to collect new tax revenue, and at the same time guarantee that the poor individual will not be made worse-off by the new carbon tax? Be specific, and make sure you calculate the final tax revenue. Assume the government is able to observe who is poor and who is rich. (b) So far, we have assumed that the supply of gas was perfectly elastic. Imagine that the supply was no longer perfectly elastic, would it be easier or harder to guarantee that the poor individual is not made worse-off by the new carbon tax? Be specific; using a graph may be helpful.
How much excess reserves does the bank hold and how much more can this bank lend - What is the required reserve ratio?
Will Truman and Associates, LLC is a successful Manhattan based law company. Worker productivity at company is examined in billable hours, which vary in partners and associates.
Two small airlines provide shuttle service between Las Vegas and Reno. The services are alike in every respect except that Fly Right bought its airplane for $500,000, while Fly by Night rents its plane for $30,000 per year. Analyze fixed costs, Ma..
On january 1,2005, a person's saving account was worth $200,000. Every month thereafter, this person makes a cash contribution of $676 to the account. I f the funds is expected to be worth $400,000 on january 1,2010, what annual rate of interest is b..
Q = 70 – 3.5P – 0.6M + 4Pzwhere ˆQ is the estimated number of units of good X demanded, P is the price of the good, M is income, and Pz is the price of related good Z. (All parameter estimates are statistically significant at the 1 percent level.)
Southwest Airlines is adding $100 million a yer in new fees. under new rules customers only get a partial refund for missed flights
The Federal Income Tax Base and Policy Alternatives
Suppose that in response to a foreign crisis, the government increases defense spending by $50 billion. How would the increase in defense affect the economy How would the effects differ depending on the size and sign of the output gap when the cri..
Describe the difference between “money market” debt instruments and “capital market” debt instruments, and provide at least 2 examples of each type. Hint: See chapter 2 of the text.
Functions monotonic transformations? You can determine it by drawing a graph or calculating their derivatives. Assume u > 0 throughout.
When the price of a superior good increases, consumers demand more of it. As consumer income increases a larger percentage of that income is spent on superior goods.
Those who advocate that the Fed target monetary aggregates, usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions, yet those who advocate interest rate targeting never recomme..
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