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The market for tennis shoes has a horizontal supply curve and a linear, downward-sloping demand curve. Currently the government imposes a tax of t on every pair of tennis shoes sold and does not tax other goods. The government is considering a plan to double the tax on tennis shoes, while leaving other goods untaxed. Which of the following statements is correct. Justify your answer graphically. If the tax is doubled, then
1. the total deadweight loss caused by the doubled tax will be exactly twice the original deadweight loss.
2. the total deadweight loss caused by the doubled tax will be more than twice the original deadweight loss.
3. the total deadweight loss caused by the doubled tax will be less than twice the original deadweight loss.
4. to know if doubling the tax would more than double the deadweight loss, we would have to know the slope of the demand curve.
Suppose the following were facts relating years of education to average annual income of individuals. Would you use the inductive or deductive method to derive an economic principle from these facts.
Coupled with $160 annual tax rebate per household. Will the household be better or worse off under the new program.
Illustrate what type of industry benefits the most from technological innovation? Select an article from either either a peer reviewed or current popular periodical on an industry of your choice and discuss this question from the perspective of th..
In April, eggs cost $2 per dozen, wine costs $1 per bottle, your income is $120, and you buy 50 dozen eggs. In May, eggs cost 50 cents per dozen, wine still costs $1 per bottle, and your income is $60. Is it possible to tell in which month you are ha..
In 2010, the Laser Company produced 18 t-shirts. Three of them were sold to Catherine for $551 each, later that same year Catherine sold the now used t-shirts to Max for $540 each. The reaming t-shirts that Laser produced were not sold to anyone that..
Assume that Erin now has preferences such that she prefers the cash gift. Using a separate graph from part (a), graph Erin's optimal choice before and after gift.
The following is information from the national income accounts for a hypothetical country: Net exports? Government taxes minus transfers? Disposable personal income? Personal saving?
Find an article (newspaper, magazine, or online) that identifies a shift change in supply and demand. Use the article to answer the questions: Indicate if the shift has already occurred, maybe occurring currently, or may occur in the future. Is the m..
Assume that a hypothetical economy with an MPC of 0.75 is experiencing severe recession. By how much would government spending have to rise to shift the aggregate demand curve rightward by $30 billion? $ billion.
Certainly there is a market for violent gaming, but I wonder if there is an ethical line that companies chose not to cross. For example, there are presently several games on the market that allow players to rape women. And then there is the issue of ..
Explain how would Margaret's indifference map look like. What is the Marginal Rate of Substitution (MRSA,B) between good A and B.
Though your answer needs to be correct in terms of economic theory (so be sure to read the assigned chapters), creativity and having fun with it is strongly encouraged.
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