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The most you would be willing to pay for having a freshly washed car before going out on a date is $15. The smallest amount for which you would be willing to wash someone else’s car is $12.50. You are going out this evening and your car is dirty. How much economic surplus would you receive from washing it? Explain and show your work.
The direct and excess burdens from an excise tax are greater the less elastic is demand in the market. Real national income can never exceed its potential level.
Imagine that you have a fixed 30-year interest rate for your mortgage, and the economy has experienced unanticipated inflation.
For each of the following goods, give your best estimate of its most likely degree of rivalness and (relative) exclusion cost, using the definitions of these variables and the information in the course notes on externalities and public goods. Explain..
A woman with a taxable income of about $100,000 has a federal incremental tax rate of 26% and a provincial incremental tax rate of 12.29%. What is her combined incremental tax rate?
Indicate whether each of the following is counted in this year’s GDP: a. you bought a new Wii at GameStop last year and resold it on eBay this year. b. You purchase an “Investing for Dummies” book at Barnes and Noble. c. You purchase a historic home ..
Who benefits from a tariff or quota? Who loses? Why would domestic markets benefit from protectionist trade policies? How do protectionist trade policies affect a government’s wealth and fiscal policy?
Describe the determinants of varying levels of income. What factors determine a wages of a person
Formulate a model for the problem
Delta Dawn’s Bakery is considering purchasing a new van to deliver bread. The van will cost $18,500. Two-thirds ($12,333) of this cost will be borrowed. The loan is to be repaid with four equal annual payments (first payment at t = 1) based on an int..
Suppose two firms (Firm 1 and Firm 2) are competing against each other in a (duopoly) market. Suppose further that the demand is given by the equation P= 700-30(q1+q2), where P is the price of the good, q1 is the quantity sold by firm 1, and q2 is th..
A change in input prices shifts the isoquant map. Convex isoquants mean that the marginal rate of technical substitution decreases as the firm substitutes labor for capital. A change in cost shifts the isocost curve.
How do mandated benefits affect labor market outcomes? Why do these outcomes differ from those resulting from a payroll tax? What is the deadweight loss arising from mandated benefits?
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