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Calculating tax incidence
Suppose that the U.S. government decides to charge wine producers a tax. Before the tax, 20,000 bottles of wine were sold every week at a price of $4 per bottle. After the tax, 13,000 bottles of wine are sold every week; consumers pay $5 per bottle, and producers receive $2 per bottle (after paying the tax).
The amount of the tax on a bottle of wine is $______ per bottle. Of this amount, the burden that falls on consumers is $_____ per bottle, and the burden that falls on producers is $_____ per bottle.
True or False: The effect of the tax on the quantity sold would have been the same as if the tax had been levied on consumers.
Assume that a hypothetical economy with an MPC of .7 is experiencing severe recession. By how much would government spending have to increase to shift the aggregate demand curve rightward by $30 billion?
today more than ever organizations are built around people working collaboratively with one another in teams. the
Using the equation in (c) show that if the capital/labor ratio K/L is a constant k, the elasticity of output with respect to labor is b + c. (e) Why are relationships expressed like those in (c) important for doing econometrics? (f) Show that the ..
Calculate the elasticity of demand and elasticity of supply at each price change in the market for financial calculators
If the interest group theory applies to hospitals, explain why does not it also apply to nursing homes? Would a doctor owned, for profit hospital be as attractive to physicians as a nonprofit hospital?
5 examples of individual and market demands? 5 examples of firm and industry product demands? 5 examples of autonomous and derived demands? 5 examples of durable and nondurable demands? 5 examples of shortterm and longterm demands?
Two factories together have marginal abatement cost equal to MACT = 750 - 6eT, where e1 + e2 = eT. The undesirable pollutant imposes a cost on the residents of society and this is given by the marginal damage cost MD= 4eT.
If you were the head of the Japanese Central Bank, how would you respond if your goal was to keep the interest rates at the original equilibrium level.
Assume an economy without any technological progress. using a Solow model with an alpha parameter of 0.5 determine the steady state amount of capital stock (K*), total output (Y*) and consumption (C*) when savings is 20%, population grows at a rate o..
The demand for milk is given by Q=120,000-20,000P. a. What is the equilibrium quantity of milk if the market price is $3.00? b. What is the equilibrium quantity of milk if the market price drops to $2.90?
you are given the following equation for the real demand for money mpd .25y- 50racompute the demand for money for each
What is the formula for measuring the price elasticity of supply Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes.
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