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Suppose the government imposes an excise tax of $1 for every gallon of gas sold. Before the tax, the price of a gallon of gas is $2. Consider the following four after-tax scenarios. In each case, (i) use an elasticity concept to explain what must be true for this scenario to arise; (ii) determine who bears relatively more of the burden of the tax, producers or consumers; and (iii) illustrate your answer with a diagram.
a.) The price of gasoline paid by consumers rises to $3 per gallon. Assume that the demand curve is downward sloping.
b.) The price paid by consumers remains at $2 per gallon after the tax is imposed. Assume that the supply curve is upward sloping.
c.) The price of gasoline paid by consumers rises to $2.75.
Discuss the manner in which an analyst would compare the relative profitability of the two potato chip segments.
How does the standard product of labor change when the industry utilizes 81 units of labor.
Suppose that Jenny is the only consumer in the antique car market. Her willingness to pay for an antique car is $200,000. Based on Jenny's willingness to pay, plot her demand schedule in the graph below using the blue points (circle symbol). Line ..
Illustrate what is the economy's MPC? It's MPS. Illustrate what was the APC before the increase in disposable income.
most powerful people in the world might be measured more powerful than most countries leaders
Assume the Bank of Japan allowed the money supply to grow by 2% each year while the Bank of Korea chose to maintain relatively high money growth of 12% per year.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
Discuss the probability that the annual net cash flows will be negative. Determine the probability that the annual net cash flows will be less than $20,000.
Suppose that the only input used in the generation of solar energy is sunlight
Its price for an engine overhaul is less than Illustrate what it costs Pam AM to do an overhaul themselves.
Illustrate what happens to inflation is indeterminate; it could be either higher or lower than in the standard model.
Illustrate what type of industry benefits the most from technological innovation? Select an article from either either a peer reviewed or current popular periodical on an industry of your choice and discuss this question from the perspective of th..
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