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First Problem The number of bottles of chardonnay demanded per year is $1, 000, 000 − 60, 000P , where P is the price per bottle (in U.S. dollars). The number of bottles supplied is 40, 000P. 1. What is the equilibrium price? What is the equilibrium quantity? 2. Suppose that the government introduces a new tax such that the wine maker must pay a tax of $5 per bottle for every bottle that he produces. What is the new equilibrium price paid by consumers? What is the new price received by suppliers? What is the new equilibrium quantity? 3. How much is the tax collected by the government? How much is the deadweight loss?
A refrigerator sold for $500. The store financed the refrigerator by charging 0.5% monthly interest on the unpaid balance. If the refrigerator is paid for with 30 equal end-of-month payments:
Why does Michael Porter admonish companies will not change his competitive positioning any more regularly than once every four or five years.
Your product fails about 2% of the time, on average. Some customers purchase the extended warranty you offer in which you will replace the product if it fails. Would you want to price the extended warranty at 2% of the product price? Discuss both mor..
You are the manager of a large crude-oil refinery. As part of the refining process, a certain heat exchanger (operated at high temperatures and with abrasive material flowing through it) must be replaced every year. The replacement and downtime cost ..
Explain with examples how these three users (investor, manager and creditor) analyze financial statements and how they use it. If you were one of the three users, what statement(s) entry or entries, and ratios would you observe more critically and wh..
A nation will gain from trade if it:
According to Van Wormer and Link (2015), conviction that individuals had the inherent capacity to achieve positive change through drawing on their own resources and on resources in their surroundings is fundamental to progressive social work. Describ..
Further assume that the marginal cost of producing a pack of cigarettes is $6, and that the market for cigarettes is perfectly competitive. Assume that each pack of cigarettes smokes does $6 worth of health damage to the smoker in the form of incr..
Consider a Solow model where the production function no longer exhibits diminishing returns to capital accumulation. This is not particularly realistic, for reasons discussed in Chapter 4. Draw the Solow diagram in this case. Suppose the economy begi..
Illustrate what public policies might be used to address one of the problems you identified in your response to the question above.
A rolled model product company purchased a machine for ram clambering large I- beam. The company expects to bend 95 beam at $2000 per beam in each of the first year, after which company expects to bend 125 beams per year through 9 years. If the compa..
To counter the power of the veto, the Framers gave Congress the veto ______, which is the power to overturn a presidential veto with a two-thirds vote in each chamber.
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