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Consider the utility-maximizing model in a two-good world, where our representative consumer has well-behaved preferences that result in smooth indifference curves that are convex to the origin. Place good one on the horizontal axis. (Assume I=$120 and P1=$3 and P2=$4 a. Illustrate utility maximization where the consumer purchases positive quantities of both goods. b. Show the effect a $2 excise tax levied on good one has on the consumer’s utility-maximizing bundle (assume the $2 tax results in a $2 increase in price). c. Assume consumers purchase 10 units of good one with the $2 excise tax. Rather than imposing the excise tax, the government could levy a $20 income tax, and raise the same tax revenue. Compare the effects the income tax and the excise tax have on the consumer’s utility. Under which plan (excise or income tax) is utility higher? Provide a graph and explain your finding. d. Compare your answer in part c, with the case where goods one and two are perfect complements. Illustrate and explain your answer.
Determining the quantity of medical services based on require instead of the market can lead to- An over provision of medical services, An under provision of medical services
Economic theory leads to the conclusion that, under certain circumstances, the free-market outcome is efficient. Specifically, an outcome is said to be efficient if:
A piece of construction equipment (asset class 15.0) was purchased by the Jones construcion company. The cost basis was $300,000. Determine the GDS and ADS depreciation deductions for this property.
what will happen to equilibrium of peanut butter traded in the market after the 30% increase in the price of peanut butter? stay the same, increase, not enough info to answer, or decrease. what will happen to the total revenue os us peanut butter..
A requirement to have a yearly balanced federal budget would mean: Unsaved Economists view investment spending as which of the following:
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what is the future of globalization? what do you personally think the greatest future challenge may be to global
Which of the following best describes what happens when consumer income increases? Which of the following best describes what happens when the price of oranges increases?If the government gives each consumer a tax reduction equal to $600 (i.e. increa..
1. a do protectionist policies benefit producers consumers workers or the government? explain.b explain how the buy
1. How might freeing up dead capital have helped to increase Mongolia's rate of economic growth 2.What type of investment would foreign residents undertake if they were to purchase a small fraction of the shares of stocks owned by Mongolia's ..
As part of your answer explain what happens when aggregate expenditure either exceeds or falls short of output in the current period and what impact this has on production in the next period.
heavy rains caused the flooding of the mississipi river and the missouri river as well as some of their
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