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The supply of luxury boats is perfectly elastic, the demand for luxury boats is unit elastic, and with no tax on luxury boats, the price of luxury boats is $1 million and 240 luxury boats a week are brough. now luxury boats are taxed at 20 percent. Q: what is the price tha buyers pay? How is the tax split between the buyer and the seller? What is the government's tax revenue?
Explain briefly how a change to the following MS, MD, or P would shift LM function to right. Include in your discussion whether the variable would have to increase or decrease to cause the rightward LM shift.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulate..
Determine the three tools the Federal Reserve uses to change the money supply and interest rates in the economy? Which of these tools is most important and explain your answer.
Given an imperfectly competitive firm in the output market where: P = P(Q) = price function where: P' 0, C'' > 0. (a) State the firm's profit function in terms of Q. (b) Find the F.O.C. that maximizes profits at Q*. (c) Interpret the F.O.C.
Ryan Witz sells vacuum cleaners door-to-door. After showing Mrs. Davis several models and demonstrations, Ryan can tell she is hesitant but interested. Which trial closing is Ryan likely to use to ensure a sale
Suppose the price of widgets rises from $5 to $7 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it..
The raise of Hispanics in the labor force but required data showing what it means. Explain how much of and increase in the labor force.
The Ice cream Parlor is the only ice cream parlor in Smithtown. Michael, the son of the owner, has just come back from college, where he majors in business administration. In his course in managerial economics, Michael has just studied demand anal..
Production of each unit of output Q leads to a marginal external cost of $50, caused by pollutants emitted by the production of Q. If we add this marginal external cost to the market information, the equation for the social-cost supply curve is gi..
The table below shows the market basket quantities and prices for the base year year 1.Base year 1 Price in price Quantity base year yr 2 Product.
Additionally, several other configurations were also estimated. The results are shown on the following pages. Based on this data, answer the following questions. Comment on the significance of time trend and seasonality.
Proponents of the managed floating exchange rate system argue that it has added the volatility needed by the exchange rate market. been effective because it is a "nonsystem" without fixed rules. been sufficiently flexible to weather major economic..
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