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Suppose the Ontario cannabis market of a particular specie consists of the following supply and demand curves: QD = 150 - 20p QS = 40p where Q is the number of packs of cannabis per year (in millions!), and p is the price per pack.
a. Compute the market equilibrium price and quantity.
b. Calculate the price elasticities of each curve at the equilibrium price/quantity.
c. Ontario imposes a tax on cannabiss of $0.90 per pack. Suppliers pay this tax to the government. Compute the after-tax price and quantity. How much do suppliers receive net of tax (per pack)?
d. Demand for cannabiss is generally more elastic over longer periods of time as consumers have more time to kick the habit. What does this imply about the tax incidence in the long run as compared to the short run?
Discuss a major issue that has arisen with bond issuances in recent years. State your position on the solvency of the market going forward.
Economist Steven Landsburg (New York Times, January 16, 2008 p. A23) made the point that "bullying and protectionism have a lot in common.
If a firm has market power but cannot prevent its customers from reselling the product to other customers, the firm will:
Suppose there are 200 identical firms in a perfect competitive industry. Moreover, assume that each firm has the following short run cost function: C(q) = 0.5q2 + 5q + 20.a) Compute the short-run supply curve for a single firm, expressing q as a func..
Modify the Week Two JavaTM application to meet these additional and changed business requirements:
It seems like the economy was not working very well in NY and NJ after Sandy. On the other hand, it would be hard to imagine that any economy would be unfazed.
Given this, what is a good estimate of the value today, using good financial analysis, of this basketball program?
To what extent are deadweight losses relevant when deciding which side to take in the age-old debate between free-traders and protectionists?
Suppose a success consists of a roll with exactly one of the two dice being 6. Let X denote the number such sucesses.
Consider Adam Smith's canons of taxation. Identify on of his ideas and post your thought on its applicability to the current income tax system in the United States. please post the canon of your choice, your premise, and a narrative in support of you..
Normative economics—Republicans versus Democrats 1) Visit both the Republicans' (www.gop.com) and the Democrats' (www.democrats.org) Web sites. 2) Identify an economic issue that both parties address and compare and contrast their views on that issue..
Using the Mundell-Fleming diagram dealing with internal balance (IB) and external balance (EB), explain what is meant by effective policy instrument choice, being careful to identify clearly the critical elements of the diagram. Why is the EB curve p..
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