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1.Tell me in 2-4 sentences why this relationship between price elasticity and the incidence of taxation is important for a local authority/government to understand. Specifically, in terms of policy implementation which will involve taxation.
2.Describe, in 1-2 paragraphs, the difference between a basic “cost-benefit analysis” and a “cost-effectiveness analysis”. In addition, tell me a potential scenario where a cost effectiveness analysis should be used instead of a cost benefit analysis.
3.Briefly describe the difference between “willingness to pay” and “willingness to accept” in relation to the demand for environmental goods. Include some thoughts on how the difference between these two measures can create challenges when using a stated preference approach for valuing environmental goods or bads.
q.a consulting company estimated market demand and supply in a perfectly competitive industry and obtained the
Suppose that the quantity demanded for Windows 7 system is given by Q = 320 − 2P, where P is the price of the Windows 7. Let us assume that the total cost of producing Q units of Windows 7 is given by C(Q) = 500 + 0.5Q2. What is the price that Micros..
Which of the following statements supports how the following event could occur: A drought around the world raises the total revenue that farmers receive from the sale of grain, but a drought only in Kansas reduces the total revenue that Kansas farmer..
Does your home state's (AZ) jurisdiction follow a contributory or comparative negligence theory? How does this affect the outcome of lawsuits?
Suppose that, over the short run (say, the next five years), demand for OPEC oil is given by Q = 57.5 - .5P or, equivalently, P = 115 - 2Q. (Here Q is measured in millions of barrels per day.) OPEC’s marginal cost per barrel is $15. What is OPEC’s op..
It is observed that in an area with a lot of illegal immigration, the average wage of native born workers actually increased. Explain how this could have happened, using economic logic. Also, judge whether this is good or bad for the local economy.
Consider how each of the following events is likely to affect real GDP. Do you think the change in real GDP reflects a similar change in economic well-being?
Economists have devoted a lot of effort to estimating the natural rate of unemployment in particular countries at particular times. Is this a useless academic exercise, or are there good reasons to want to know this number? Explain.
What is the primary source of revenue for the Federal government and what is the largest part of the spending at the Federal level?
There are two general forms often used in time series decomposition analysis: additive model and multiplicative form. Give the expressions for them. When would you use additive model or multiplicative model in time series decomposition? Discuss.
A machine costing $35,000 to buy and $4,000 per year to operate will save mainly labor expenses in packaging over six years. The anticipated salvage value of the machine at the end of the six years is $5,000. To receive a 12% return on investment (ra..
Comment on: ”Some researchers believe sports participation might shape various personality traits, other researchers believe we participate in sports because of our personality type”. In essence, this is the nature - nurture debate. How would this af..
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