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1. It has been said that if government wishes to tax certain goods, it should tax goods that have inelastic rather than elastic demand. What is the rationale for this? Give examples and elaborate your arguments.
2. How does having a menu that is uniform around the country provide McDonald’s with economies of scale? Why is menu planning made more complex by expanding into other countries?
3. Define “market structure.” What factors are considered in determining the market structure of a particular industry?
4. The Big Mac Price Index computed by the Economist has consistently found the U.S. dollar to be undervalued against some currencies and overvalued against others, which seems to call for a rejection of the purchasing power parity theory.Explain why the index may not be a valid test of the theory.
What information would a government needs to increase the probability that its industrial policy would promote long-term self-generated economic growth.
q1. josephine makes 100 a day as a flower shop attendant. she takes off two days of work without pay to travel to
Suppose it is believed that the U.S. dollar will steadily depreciate against the euro at a rate of 2% a year over the next three years. After that, people expect the dollar–euro rate to be steady. Ten-year U.S. government dollar bonds yield 8%. What ..
Ghose and Han? (2014) found that the elasticity of demand for Google Play apps is negative −3.7. This elasticity applies to a small college town where approximately? 1,000 apps per month are sold. If price rises by 22?%, what would be the effect on q..
Dylan Co. sells hammers to US retailers. The annual demand for its hammers is d(p)=25,000 × (30 −p) and its annual cost of production is TC(q)= 400,000 + 20q.Its factory has a capacity of 150,000 units. What is the profit maximizing price for Dylan C..
In a single year, the Netherlands can raise 100 tons of beef or produce 1,000 boxes of tulips. In the same growing season, Belgium can raise 50 tons of beef or produce 750 boxes of tulips.
You have just been hired by SecuriDoor Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company’s costing system and “do what you can to help us get better control of our man..
What is the lowest price John can offer for this contract?
The income tax is unfair to those who work hard to earn their incomes is an example of positive economic analysis.
In order for a price-discrimination scheme to be effective at boosting profit, the seller must...
Ace contracted with Jones to do certain remodeling work on the building owned by Jones. Jones supplied the specifications for the work. The contract price was $70,000. After the work was completed, Jones was dissatisfied and had Clay, an expert, comp..
Consider the following market supply: QS = c, where c > 0. At price P = 0.5(a/b), the absolute value of the price elasticity of this market supply is [e]. (NOTE: Write your answer in number format, with 2 decimal places of precision level; do not wri..
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