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Consider the following model for the Latte market. Suppose the aggregate demand for Lattes is given by Qd = 5 - P where P denotes the price and Q denotes the quantity of Latte in terms of thousands of Latte demanded. The aggregate supply for Lattes is given by Qs = P/2.
a) Compute the Latte's market equilibrium. What are the equilibrium price andquantity, p∗ and q∗?1
b) Compute and graphically depict consumer surplus and producer surplus.
c) Now suppose a unit tax of t = $1 is imposed on each Latte that is purchased suchthat the consumers must pay $(P +1) per Latte. Compute the Latte market equilibriumwith the tax. What are the equilibrium price and quantity, p and q? Compute andgraphically depict consumer surplus, producer surplus, tax revenue, total surplus, anddeadweight loss.
d) Return to a situation without tax. Now suppose that the government imposes amandate forcing suppliers to only use organic coffee beans when making Lattes. Supposethat using organic coffee beans increases the cost of making a Latte by $1. However,it does not change the value of the Latte for consumers. Compute the Latte marketequilibrium with the mandate. What are the equilibrium price and quantity, p and q?
oligopoly monopolistic competitionand the factors of production1.a monopolistically competitive firm chooses thea.
suppose that ge is trying to prevent maytag from entering the market for high efficiency clothes dryers. even though
The problem belongs to Economics, particularly to Micro-economics and it is discuss about a scenario where a manager of a firm has to find costs of different levels of output with the given data of total cost and fixed cost.
Why is it desirable for ceiling prices to be accompanied by government rationing? And for price floors to be accompanied by programs that purchase surpluses, restrict output, or increase demand?
Presume that the central bank has increased the money supply such that there is an additional $241907 in excess reserves. If the reserve ratio is 8.0 %, what is the maximum the money supply could increase? Round your answer to the nearest dollar
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joanne quit her job at umass where she earned 29000 a year. she cashed in 40000 in corporate bonds that earned 10
A small town wants to acquire an electric generator facility for half a million dollars. It will cost approximately $4,500/year to maintain the facility. The facility has an expected useful life of about 50 years. The annual interest rate is 6%
Identify any tasks that should be implemented for the program and explain how they would help with the planning of the substance abuse program. While the program is still in the planning stages.
c300 0.80y - 125 i 150 g 250 x 115 x 125.05y using the original data compute the impact of a 50 decrease in taxes
Is the decrease in the unemployment rate always a good thing?
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