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If the government imposes a quantity tax on the consumption of a good, it means that the consumer has to pay for each unit of the good its price plus the tax. For example, if the price of a chocolate bar is $5 and the government imposes a tax of 20 cents on the consumption of a chocolate bar, then the actual price the consumer pays for a chocolate bar is $5 + $0.2 = $5.20.
Suppose there are two goods available for consumption, good 1 and good2, and that the government taxes consumption of good 2 that is in excess of quantity x¯2 (that is, consumption of good 2 up to quantity x¯2 is exempt of tax). Denote by t the amount of dollars a consumer has to pay for every unity she consumes in excess of x¯2. Draw the budget set of a consumer with income m. Is the slope of the budget line constant?
Will a monopolist's total revenue be larger with second-degree price discrimination when the batches on which it charges a uniform price are larger or smaller? Why?
q1. would elasticity be constant for the demand curve represented by the equation q5000-0.5p?whyq2. if the cost
What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.
What is the capitalized equivalent cost of a dam that will cost $25 million now and will require $2 million in maintenance annually? The effective annual rate is 12%.
What is the largest constant consumption stream you can afford?
All stratified societies have groups of individuals that do not produce, but still receive a ‘cut’ of the social surplus. How does Diamond argue that these ‘privileged’ individuals manage to convince productive members of society to give them some of..
In "Final Jeopardy" (pp. 234-242), Stephen Baker expresses an interesting look at the way technology, especially in terms of machines, could dramatically change the relationship between mankind and technology—not just helping us to locate information..
Determine which of the following situations describes games and which describes decisions. In each case, indicate what specific features of the situation caused you to classify it as you did. Consider the strategic games described below. In each case..
Case Study - Technology and Economic Change and what are the causes of economic growth in potential output in the long-term? Apply the theory to illustrate and explain your answer with an example.
Maritime Insurance Company offers insurance policies for recreational boats.
When she hired a fourth worker, her total product increased but by only 1,000 bullfrogs. Yolanda pays $1,000 a week for equipment and $500 a week.
Suppose that a golf club is designing a two-part tariff pricing mechanism in order toincrease profits. Suppose there are two types of golfers, mad-golfers and normal-golfers
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