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Suppose the government institutes a new sales tax on shoes, which are produced by a competitive constant-cost industry.a. Does the price of shoes change by more in the short run or in the long run?
b. Does the industry-wide quantity change by more in the short run or in the long run?c. Does the quantity provided by each shoemaker change by more in the short run or in the long run?
d. Do the profits of shoemakers change by more in the short run or in the long run?
In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones. The total demand function for hair styling per day is Q=180-10P, where P is in dollars.
The supply curve shows a positive relationship between price and quantity supplied. Elucidate role does the loss of increasing opportunity cost play in this relationship? What role does profit play in this relationship.
Describe when and why central banks buy either their own currency or the currency of another nation in an effort to control exchange rates.
If the government imposes consumption tax on the good that raised prices by $1, by how much will the consumer's surplus change? Show the relationship between EV, CV, and consumer surplus using compensated and uncompensated demand curves. If you your..
Suppose you are asked to address a professional meeting and explain microeconomics, macroeconomics and their differences.
Under what circumstances would a monopolistic firm be economically more efficient than a group of small, competitive firms If there are such monopolies, what are the drawbacks and how could they be corrected
Suppose that a business has developed a very high-quality product and operates more efficiently in producing that product than any other potential competitor.
One of the goals of macroeconomic policy is to reduce the severity of business cycles. Q. If the severity of business cycles were reduced, what would be the effect on each of the four types of unemployment and on the unemployment rate as a whole
In Japan potential GDP is 600 trillion yen and table demonstrate aggregate demand and short run aggregate supply schedules.
Your decision to pursue a higher-level degree is based on investment in human capital. What are the marginal costs and benefits of pursuing additional education and the inherent risks associated with this decision.
In short, the only difference is the exponent of At in the (final good) production function, so that now there are diminishing returns to ideas in that sector. Provide an economic interpretation for the first equation. What is the growth rate of kn..
calculate the equilibrium number of visits, and total expenditures. b) Suppose that the consumer purchases an insurance policy that allows her to pay a 25% coinsurance rate. Calculate the new equilibrium number of visits and the total expenditures..
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