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Assume the demand and supply for milk are described through the following equations: QD = 600 - 100P; QS = -150 + 150P, where P is price in dollars, Q D is quantity demanded in millions of gallons per year, and Q S is quantity supplied in millions of gallons per year.1. Create demand and supply tables corresponding to these equations and determine equilibrium price and quantity.Now suppose the U.S. government imposes a $1 per gallon of milk tax on dairy farmers.2. Using the demand and supply equations from question 1: What is the effect of the tax on the supply equation? The demand equation? What is the new equilibrium price and quantity?3. How much do dairy farmers receive per gallon of milk after the tax? How much do demanders pay?Now suppose the tax is placed on the buyers of milk. Does it matter who pays the tax?Now repeat questions 2 and 3 assuming the government pays a subsidy of $1 per gallon of milk to farmers.For Discussion: what does this problem suggest to you about the impact of government involvement in the supply and demand of specific products? How might similar involvement impact your company?4. Answer the current debate over raising the minimum wage.1. Is a minimum wage an equilibrium wage, a price ceiling, or a price floor?2. What are the Pros and Cons about raising the minimum wage? (Use economic theory to defend your pros and cons, don't just make them up.)
A company in the US develops and patents a technique to produce low cost computer chips: Which account is impacted by this.
Discuss the likely sources of the economies of scale that underlie the large size of these firms. [Note: the stocks of private firms are not traded on public stock exchanges
A philanthropist working to set up a permanent endowment wants to deposit money each year, starting now and making ten more deposits,
The financial analysis department at MorTex estimates that the price of a textile machine is $ 600 per day. Can management reduce the cost of assembling 5,400 units per day by purchasing a textile machine and using less labor? Why or why not?
Show the effect that reducing protection on imports will have on factor prices. Show the effect of reducing protection will have on factor prices.
Suppose the firm decided to lease the large factory, and has put down a non-refundable deposit of 4,000 for that factory. Provide a recommendation concerning which factory firm should lease, and the number of boxes of chalk it should produce.
Assume the utility function is not the square root of income but instead, utility is linear in income.
Illustrate what is approximately the maximum amount the firm is willing to pay to be allowed to use more units of input x, for small.
Elucidate three general economic principles along with being able to identify three to five macroeconomic indices e.g.GDP,CPI. I must also be able to make an evaluation and develop a forecast from the article.
What types of inefficiencies and/or externalities arise in each renewable resource case that interferes with sustainable and efficient management results?
Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..
Illustrate what conditions is it possible to increase production of one good without decreasing production of another
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