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Suppose the supply of a good is given by the equation Q^s=240P-240, and the demand for the good is given by the equation Q^D=560-80P, where quantity (Q) is measured in million of units and price (P) is measured in dollars per unit.
The government decides to levy an excise tax of $2.00 per unit on the good, to be paid by the seller.
Calculate the value of each of the following, before the tax and after the tax, to complete the table that follows:
1. The Equilibrium quantity produced Equilibrium Quantity (Millions of units) Before tax? After tax?2. The equilibrium price consumers pay for the good Equilibrium Price per unit Paid by Consumers Before tax? After tax?
3. The price received by sellers rice per unit Received by Sellers Before tax? After tax?
Recognize the unemployment rate as an economic indicator for whirlpool, and describe why this indicator would be a good choice.
Suppose you have been recently employed as manager of a restaurant and a very important credit card firm offers you a deal that is supposed to raise your sales.
Suppose the world price for a good is 40 and the domestic demand and supply cureves are given as: Demand: P=80-2Q Supply: P=5+3Q A) How much is consumed? B) How much is produced at home? C) What are the values of consumer and producer surplus?
Acme Water is a privately owned firm that is sole supplier of water to a rural town in Pennsylvania. The owner of company has provided the manager of firm an incentive to maximize company's profits,
A multiple regression analysis based on a information set that consists of thrity observations yielded the following estimated demand equation:
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The construction of a dam will cost $1,000 at time 0, $500 in year 1, $500 in year 2. It will be completed at the end of year 2. Beginning in year 3, maintenance costs will be $100 per year through year 10. From years 11 on, maintenance costs will..
Matt Christpher is a 25 year old mechanical engineering and his salary next year will be $60,000.Matt expects that his salary will increase at a steady rate of 5%per year until his retirement at age 65.
Suppose that investment demand increases by $100. Assume that households have a marginal propensity to consume of 80 percent. Compute the first three rounds of multiplier effects as follows: a) What are the first cycle changes in spending? Total cu..
In a country, output is produced with labor and physical capital. The production function in per-worker terms is y=k^1/2. The depreciation rate is 2%. The investment rate (&) is determined as follows: &=0.2 if y
Are there any predictable performance cycles for Wal-mart? If so, what are the periods over which its cycle waxes and wanes?
I have two goods, Xb and Xw, for beer and wine, and I need to draw the indifference map and determine the MRS. U(Xb, Xw) = min { Xb; aXw}, a>0. What do I need to do here? What does this look like?
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