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The U.S. Supreme Court ruled in May 2005 that people can buy wine directly from out-of-state vineyards. In the 5-4 decision, the Court held that state laws requiring people to buy directly from wine retailers located in the state violate the Constitution's commerce clause.
a. Suppose the market for wine in New York is perfectly competitive both before and after the Supreme Court decision. Use the analysis in Section 9.7 to evaluate the effect of the Court's decision on the price of wine in New York.
b. Evaluate the increase in New York consumer surplus.
c. How does the increase in consumer surplus depend on the price elasticity of supply and demand?
(Changes in Government Purchases) Assume that government purchases decrease by $10 billion, with other factors held constant. Calculate the change in the level of real GDP demanded for each of the following values of the MPC. Then, calculate the c..
Country A has 26400 units of labor and can produce 2 goods, manufactures and food. A's producers take 2 units of labor to produce one unit of manufactures and 5 units to produce one unit of food. Country B has 35000 units of labor and takes 7 unit..
A verbal, everyday argument enables academic readers to access summaries other viewpoints.
Based on your sample, explain what percentage of individuals gained this wealth through inheritance and what percentage through entrepreneurship.
Using the similar 6-economic indicators selected for your Industry Overview Paper, differentiate at least two year forecasts from two separate sources,
The following are the inverse demand curve and MR curves for a monopolistically competitive firm. P = 1000 - 2Q MR = 1000 - 4Q Where P is the price of the product and Q is the level of production. For the 200th unit of Q, MR is equal to.
Suppose you are hired by the Martin guitar company as an economic consultant. You estimate the demand for Martin guitars to be Q = 9,000 - 6P.a) Suppose the supply of Martin Guitars is given by Q = -3000 +9P.
Consider two cars. One has a price of $30,000. It averages 20 miles per gallon. A $1,500 tax credit is offered by the government for this vehicle. The other has a price of $27,000. It averages 16 miles per gallon. Interest rate= 3% per year.
Is the demand for gasoline elastic, inelastic, perfectly elastic or inelastic, or unit elastic? Why?
The Richmond Company uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units.
why the decline in the exchange rate may initially cause a deterioration in the current account of the balance of payments.
In the future, the revenue loss will rise only with the growth in the elderly population since the $20,000 exemption is not indexed for inflation. Evaluate this proposal in terms of equity, efficiency, and other criteria set forth in Chapters 11 a..
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