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Calculating tax incidence
Suppose that the U.S. government decides to charge beer consumers a tax. Before the tax, 15 billion cases of beer were sold every year at a price of $7 per case. After the tax, 9 billion cases of beer are sold every year; consumers pay $10 per case (including the tax), and producers receive $4 per case.
The amount of the tax on a case of beer is $_______ per case. Of this amount, the burden that falls on consumers is $______ per case, and the burden that falls on producers is $______ per case.
True or False: The effect of the tax on the quantity sold would have been larger if the tax had been levied on producers.
Illustrate what would be the pes0-dollar exchange rate be if purchasing-power parity holds. If a monetary expansion caused all prices in Mexico to double.
If the price of gasoline doubled, how would consumption of (a) cars, (b) public transportation, and (c) in-theatre movies be affected? How quickly would these adjustments be made? If you owned a movie theatre would you want the demand for movies to b..
The consumption of both x1 also x2. Label income also substitution effects for both goods. Illustrate what is the implication of product differentiation in defining market structure.
Illustrate what is the point price elasticity of supply at the equilibrium quantity. Illustrate what is the new equilibrium quantity also price if every capita income increases to 20.
If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about:
Suppose that the cost function of a firm is C(q) = 10 + 3q + 0.1q 2 and that it operates under perfect competition. If p = 4, find the optimal quantity, the costs, the revenue and the profits. Find the price at which the firm makes zero profits, that..
You decide in May that the coming summer's corn crop will be much larger and the fall corn price consequently much lower than most people expect. To act on your beliefs, should you buy or should you sell December con futures?
Raise or Lower Tuition? Suppose that, in an attempt to raise more revenue, Nobody State University increases its tuition. Will this necessarily result in more revenue?
Illustrate what is strategic portfolio management. What is the relationship between strategic portfolio management and project management.
The three problems of resource allocation are faced by
Given the short-run (SR) cost curve in the chart above for a firm in a perfectly competitive market, find the firm’s best output level and total profits when the market price is: a) $18, b) $13 c) $5 d) $3.
Compute various indicators of the state of the labour market using the following information. Please show all of your working. If you do not, you will receive zero marks for the question(s).
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