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a) Using both market and firm graphs for a perfectly competitive industry, show the effect of an increase in consumers’ income taxes. Assume the representative firm and market begin in long run equilibrium. Illustrate the short run effect on price, output, and profits, assuming this firm does not shut down. Label your graphs and explain your answer.
b) Assuming the representative firm does not withdraw from the market, show the long run effect on price, output, and profits. Label your graphs and explain your answer.
If gold was made "legal tender" in those states, how effective do you think gold would be as (1) a medium of exchange (2) a standard of value and (3) a store of value in those states? Explain your reasoning.
Which of the following is NOT true regarding top-down budgeting?
Discuss the reasons companies such as Under Armour or Calvin Klein might use an in-house agency rather than an external agency. Why might a company change from using an in-house agency and hire an outside agency? Do you think they will continue to ha..
Discuss whether you think we should continue to have a zero price for using a freeway. Or should we have transponders mounted on the dashboards of vehicles, as practiced in Singapore, which monitor and track the miles-driven within a city. Discuss wh..
q1. in early2010 molly paid 200000 for a house built in 2000. she spent 30000 on new materials to remodel the house.
With the passage of the Affordable Care Act the U.S. government requires that everyone have some form of health insurance. One of the provisions of the law is that firms with more than 50 full-time workers must provide health insurance to those worke..
When thousands of products and their prices are at stake, does it make sense that comparative advertising at the store level be permitted? Based on what you read and any further research you choose to do, has Wal-Mart competed fairly with its compara..
Institutions that function to connect one individual's savings another's investment decisions is in summation called the. Bob buys 500 shares of stock issued by Creature Comforts Brewing. Creature Comforts brewing then use those funds to buy new mach..
Compare the market-wide result of the individual perfectly competitive firms' choices of profit-maximizing output level with the choice of the monopolist. Explain the implications of the break-up for the profitability of industry members
What do you think have been the benefits and losses to consumers in the USA? Why? How do you think the international relations between the USA and China have been affected? Why?
An economy produces 2 goods soda a beer. Fully explain why the marginal cost function in the beer industry derives from the marginal benefits of the soda that is given up when beer is produced.
A consumer has utility function given by u(x1, x2) = √ x1x2. Suppose the price of good 1 falls from $5 to $2, while the price of good 2 and the consumer’s income remain constant at $10 and $100, respectively. Find the substitution, income, and total ..
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