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Suppose there is a single consumer with U = Sl, where S is steaks and l is leisure time.
The Consumer is endowed with one unit of leisure time, and the production for steaks is S = l / c , where c >0 is a constant.
Assume that the government can observe the leisure that is consumed. It taxes leisure consumed at t per unit of leisure and returns the collected ‘revenue’ to the consumer.
Find the equilibrium consumption of steaks and leisure, and calculate the welfare loss (in terms of utility) of this tax. Explain your answer in words with reference to an appropriate diagram.
Draw a stock control card and discuss the completion process and discuss the layout of the work space, to prevent accidents and injuries
Could you please explain why long run supply curve can be downward sloping and implication for behaviours of price as demand increases over long run.
How do the “rules of the game” help determine who will be poor and who will not? (Hint: How did the Civil Rights Act of 1964, which forbade discrimination on the basis of race, likely affect the incomes of African Americans compared to the incomes of..
Consider an industry in which n firms produce a homogeneous product. Demand for the product is given by p = a − Q, where a is a positive constant and Q is the industry output. Each producer is identical, having a constant marginal cost c. Find the eq..
Describe the shape of the average total cost function and also label the minimum point on the curve.
Infinitely Repeated Cournot Duopoly: Alice and Bob each operate each operate a firm in a quantity setting (Cournot) duopoly game. Let the cost of a unit for Alice and Bob be 6
Retail sales taxes are used at the state and local level to finance general fund expenditures. In other words, the tax revenue collected via the sales tax is not tied directly tied to benefits received by each taxpayer. Retail sales tax fair?
By specializing in the production of one good, a company is able to benefit from economies of scale which increases its revenue. Which of the following is an attribute of specialization
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
Modern comparative economists would object to the definition of economic systems only in terms of property ownership arrangements,
Evaluate the financial performance of the company using the information provided in the scenario. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term and how each factor influences manager..
Some critics of the emissions trading system have called on eu government to recind a large fraction of the carbon emission permits that they created when the system was first established. How would such an action, which would reduce the supply of th..
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