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1. Suppose the price of a pack of cigarettes is $30 and the cigarette consumption is 100,000 packs a day. The government now introduces a consumption tax of $10 on cigarettes. Cigarette consumption decreases to 80,000 packs a day. Assume that the demand for cigarettes is not perfectly inelastic. Draw on a single graph the original demand and supply curves and the new demand curve facing the producers, the price paid by the consumers and the price received by the producers. Label your graph accordingly. Will the price paid by the consumers be above, below, or equal to $40? Explain.
2. a) John always spends 10% of his income on buying CDs. What is his income elasticity of demand for CDs? Explain your answer.
b) Suppose John’s preference (taste) changes and he decides to always spend 20% of his income on buying CDs. What will happen to John’s demand curve for CDs? What will happen to his income elasticity of demand for CDs? Explain your answer.
Assume that a very competitive start-up enters the market in direct competition with the oligopoly you described in the e-Activity.
Converse briefly its relationship to microeconomics also other related fields of study such as finance, marketplace also statistics.
A factor that would increase the demand for international reserves is
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You identify a vacant piece of land zoned for industrial warehouse use which you can purchase for $3.0 million today (an amount which will need to be paid immediately). After detailed analysis you find that constructing the warehouse will take one ye..
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The economy is made up of C and I and is currently at full employment. If consumption is $5 trillion while savings is $1 trillion, what is current investment according to the Classical economists? Suppose consumption falls by $500 billion what will h..
Discuss the manner in which an analyst would compare the relative profitability of the two potato chip segments.
To identify a country other than the United States for someone seeking portfolio diversification I would first need to understand their investment goals. The investor could seek a diversified portfolio thats aggressive, balance, or conservative. My a..
Which computer software package should the firm's human resources office use to manage the payroll?
What is the accounting profit that Fred would get in his venture? What is the economic profit that Fred would get in his venture? Would you recommend Fred go ahead with his venture? Why?
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