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The market demand for a rare mineral is Q = 1,300 – 10P and the market supply is Q = 6P. Suppose the government imposes a tax of $4 per pound on the consumer. TIP: First, read all parts of the problem. Before answering the question, I recommend you solve the problem mathematically, showing all work. Then use your solution to answer the questions, including graphical representation. a. What is the economic incidence of the $4 per-pound-tax relative to the absence of a tax? Based on your mathematical solution, graphically summarize only the results that are relevant for the incidence analysis. b. Conduct efficiency analysis of the $4 per-pound-tax relative to the absence of the tax. Based on your mathematical solution, draw a new graph to graphically summarize only the results that are relevant to the efficiency analysis of the tax. c. According to your analysis above, how much tax revenue would you expect the government to raise? d. Suppose mining companies discover all their mines are empty and the remaining supply of the rare mineral is all that is left. The market supply is now Q = 200. Note, you must show a separate graph for (i) and (ii) in order to earn full credit. (i.) How does your tax incidence analysis change in the face of the $4 per pound tax (as compared to part a)? (ii.) How does your efficiency analysis change in the face of the $4 per pound tax (as compared to part b)?
Assuming fuel is one of the main inputs for many sectors. When a war breaks out in Country X, which is the main producer for fuel in the world, it causes fuel supply disruptions in the world.
The affordable care act (Obama Care) has specific guidelines. Does the law of the affordable care act require all insurance companies to mimick all 10 titles and all sections? If so, is there a specific time line when all insurance companies will all..
Discuss the correlation between GDP growth and health outcomes. Compare short-term trends vs. long-term trends. Why would this be an example of the fallacy of composition in health economics?
What is Real estate market? Explaining UK Real Estate Market? Why investors pay attention to Real Estate Market
Illustrate what would be new equilibrium if re is an increase in autonomous import expenditure from 100 to 200 which result from an increase in currency exchange rate.
How many workers should the firm hire if the price of the output is $10? Suppose the price of the output falls to $7.50. Illustrate what do you think would be the short-run impact on the firmâ??s production.
Regarding Advertising Bans: Assume the government imposes an advertising ban on a monopoly firm. How will this affect the firm’s total cost of production? Would your answer be the same if the government imposed a ban on the firm’s use of labor? Expla..
Cab Wheeler is a newly hired business analyst with your group. Cab has always felt that questionnaires are a waste and interviews are the best way to elicit requirements. Now that you will be doing a systems project for MegaTrucks, Inc., a national t..
If consumption spending this year (C1) and next year (C2) were perfect complements, would the permanent income hypothesis still hold, in the sense that the consumer would not increase spending by the full amount of a transitory income shock, but woul..
A large wood products company is negotiating a contact to sell plywood overseas. The fixed cost that can be allocated to the production of the plywood is $800,000 per month. The variable cost per thousand board feet is $155.50. What is the domain of ..
Illustrate what are characteristics of large firms conducting both B2B and B2C transactions that require more robust and capable electronic commerce systems.
Recently, there has been a rapid rise in the number of pay-for-performance programs globally that offer physicians and medical groups financial incentives for meeting primary healthcare goals. What market failures do incentives for quality (pay for p..
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