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How increasing tax rates do 10 % may affect company revenue, consumer expenditure and government tax revenue in the short run for imported wine? Consider in your answer that the price elasticity for Chilean wine is -1.6 and that for Italian and French wine is -0.3 (Keat, Young & Erfle, 2013, p.85).
Hint: apply the concept of elasticity and your answer must refer to the effect on revenue, consumer expenditure and government tax revenue. Separate your answer for (a) Chilean wine and (b) Italian and French wine
There are 2 fishermen, Zach and Jacob, who fish along a certain coast. Both would benefit if lighthouses were built along the coast where they fish. The marginal cost of building each additional lighthouse is $25.
What are macroeconomic factors and are they useful for economic forecasting? What are economic indicators? Are any of them useful for forecasting economic growth?
What are the factors that would influence the Federal Reserve in adjusting the discount rate? How does the discount rate affect the decisions of banks in setting their specific interest rates? How does monetary policy aim to avoid inflation?
Iggy only consumes two goods: coffee and cigarettes. Three cigarettes can be traded for one cup of coffee in a free market, or one cup coffee can be traded for three cigarettes. Iggy initially has 12 cigarettes and 5 cups of coffees. Find an equatio..
Create a table where Q equals 0, 10, 20, 22.5, 30, 40 50 and 55. In the table include Quantity, Price, Total Revenue, Marginal Revenue (where MR equals the change in TR divided by the change in Q in the table), MR where MR=a-2bQ (include an explanati..
If expected inflation is constant and the nominal interest rate increases, how does the real interest rate change?
Supposed that two nation start out in 2013 with identical levels of output per work hour – say, $100 per hour. In the first nation, labor productivity grows by 1 percent per year. What are some examples, other than those given in the chapter of techn..
Imagine that last year, Jennifer earned $80,000 in salary, and consumed $50,000 in goods and $23,000 in services. How could we best categorize the remaining $7,000.
Find the present worth at i = 20% per year for the cash ?ow series listed. (CF0 :$ 0 ,CF1: $ 0 ,CF2: $ -200 ,CF3: $-200 ,CF4: $ -200 ,CF5: $ 0 ,CF6: $ -89 ,CF7: $-89 ,CF8: $ -89 ). Which one is the correct answer?
The import tariffs that President Bush placed on imported steel likely had what effect?
Which of the following is NOT a characteristic of a perfectly competitive market? Recall the Application called "Wireless Women in Pakistan." What makes the wireless telephone market in the US NOT perfectly competitive? Recall the Application called ..
How can makers of flat-panel TVs earn economic profits during the first few months after the introduction of new models? What economic forces result in the dissipation of economic profits earned by manufacturers of flat-panel TVs?
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