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The demand for bags of candy is given by P = 48-0.2Q, and the supply by P = Q.
(a) Illustrate the resulting market equilibrium in a diagram.
(b) If the government now puts a $12 tax on all such candy bags, illustrate on a diagram how the supply curve will change.
(c) Compute the new market equilibrium.
(d) Instead of the specific tax imposed in part (b), a percentage tax (ad valorem) equal to 30 percent is imposed. Illustrate how the supply curve would change.
(e) Compute the new equilibrium.
Two people take turns removing stones from a pile of n stones. Each person may, on each of her turns, remove either one or two stones. The person who takes the last stone is the winner; she gets $1 from her opponent.
Suppose there are 2 countries, Home and Foreign, two factors of production, capital and labor and two products, food and cloth. Home has 100 units of labor and 200 units of capital, while Foreign has 300 units of labor and 150 units of capital. \(..
The price of a cone is expressed in cents, and the quantities are expressed in cones per day. a. Create demand & supply tables corresponding to these equations. b. Graph supply and demand and determine equilibrium price and quantity
Support your ideas with appropriate citations from the Required Studies and your research. Cite and reference your sources in APA style and include a reference list.
Gina was in a garage band when she was in high school, and the only time they could find to practice was on Saturday morning (much to the dismay of her neighbors.) Suppose the band received $49 in internal benefit (i.e., happiness) from practicing..
CEMEX and Holcim are two cement manufacturers in Durham. They produce cement and sell it into a competitive world market at the fixed price of $60 per ton. Producing one ton of cement also produces one ton of air pollution that negatively impacts ..
Solve the following linear programming model graphically. In addition, write the problem in standard form and do a constraint analysis for the optimal solution. Minimize 10x + 15y Subject to 5x + 2y ? 40 x + 2y 0
A firm is the only seller of the same good in two markets, market 1 and market 2. The inverse demand in market 1 is p1 = 200 ? q1, and the inverse demand in market 2 is p2 = 100 ? 2q2. The marginal cost of production is constant and equal to 40. t..
Is this new demand curve more or less elastic than the original at the equilibrium?
Over the next three years, a firm is expected to earn economic profits of $120,000 in the first year, $140,000 in the second year, and $100,000 in the third year. After the end of the third year, the firm will go out of business.
Suppose that the home currency start to appreciate against other currencies, this should the current account balance, other things equal
Blair has decided to manufacture the sub assemblies within the company and must now consider whether to rent one centerly located facility or to rent three separate facilities, each located near one of the assembly plants, where each facility woul..
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