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Suppose that an excise tale of $1 is placed on sellers in a market for widgets. Using diagrams indicate whether none, some, or all of the tax is passed on to the consumer in the form of a higher price for each case described below.
Case 1: Demand curve is horizontal and supply curve is upward sloping.
Case 2: Demand curve is vertical and supply curve is upward sloping.
Case 3: Demand curve is downward sloping and supply curve is horizontal.
Other counters that we are running out of cheap energy. Explain which person is correct also why.
One month ago, they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
Why is it that a profit-maximizing businessman would always raise prices when facing an inelastic demand curve, but might or might not raise prices when facing an elastic demand curve? Explain and justify your answers in detail
Cost-push inflation can be called
Starting with the situation in part d, suppose the government starts taxing the population $30 each year without spending anything.
Movie attendance dropped 8 percent as tickets prices rose a little more than 5 percent. What is the price elasticity of demand for movie tickets? Could price elasticity be somewhat overestimated from these figures? That is, could other things have ch..
If B accepts, the division is implemented. If B rejects, each player obtains their outside option. Assume that if a player is indifferent between a proposed dividsion and his or her outside option, then the player accepts the division.
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 100 - 0.5P, and the marginal cost of production is $80. Determine the optimal number of units to put in ..
q1. demonstrate graphically the cost of income taxation of 30 to consumers and producers for an income of
Which of the below transaction(s) are included in the GDP calculations for the Year of 2012?
If Frank's salary as a sales manager was $70,000 instead of $100,000 would your answer be different.
Adam Smith favours a policy of laissez faire in managing economic activities. Why? Economics deals with the efficient use of resources? Why? Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
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