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The setting: Curtin University, along with a number of other universities and public bodies, has banned the sale of tobacco products and smoking on its campuses. In the analyses below, when drawing your diagrams assume that students can choose among only two products on campus, namely tobacco and food. Assume each student has a weekly allowance of $100, all of which is spent on campus, the price of a unit of food is $1 and remains at $1 in the absence of a policy initiative, the price of a unit of tobacco is $1 in the absence of a policy initiative (see below). Please ignore all externalities when answering this assignment. When drawing diagrams, always include a discussion of what the diagram means, and of crucial elements of the diagram. Your tasks: a) Use an indifference curve-budget line analysis to depict the situations, prior to the ban on smoking, of a student who smoked on campus, and of a student who did not smoke.b) Use an indifference curve-budget line analysis to depict the situations, after the ban on smoking, of a student who initially smoked on campus, and of a student who did not smoke.c) Use you consumer theory to assess how much worse off, if at all, each student is after the ban.d) Consider at least three (3) alternative policies that Curtin University could have implemented that might have achieved the same objective (reduce smoking levels). Evaluate these using your microeconomic theory. (e.g., public relations campaign about harmful effects of tobacco aimed at changing the shape of the ICs; increase price of tobacco; reduce the price of food).e) Referencing.
Two identical countries, Nation A and Nation B, can each be described by a Keynesian-cross model. MPC is .9 in each nation. How much is government purchases multiplier for each nation.
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How would Keynesian solve a recessionary gap using personal tax rates.
Suppose that the government of Tonga decided to impose or place a price floor on all imported chicken products. Elucidate what is the advantage and disadvantage of this policy.
Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to calculate the percentage increase in real GDP per person from 1987 to 2005.
Sketch a well labeled graph showing the impact of the tax. On whom does the tax burden fall-the team's, owners, the fans, or both.
Suppose the government increases G to 1250. Compute private saving, public saving, and national saving and the new equilibrium interest rate.
The production process requires labor and capital as inputs. Labor costs $6 per labor hour and capital costs $12 per machine hour.
Assume Caesar allocates his entire budget to the purchase of chips as well as soft drinks.
Two consumers Jorge and Admen, together own 1,000 baseball cards and 5,000 Pokémon cards.
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