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The supply of Henry's hamburgers is given by P = 2+0.5Q; demand is given by Q = 20.
(a) Illustrate and compute the market equilibrium.
(b) A specific tax of $3 per unit is subsequently imposed and that shifts the supply curve to P = 5+0.5Q. Solve for the equilibrium price and quantity after the tax.
(c) Who bears the burden of the tax in parts (a) and (b)?
Assume the city imposes a new requirement for a $100 per year taxi license fee for all drivers. Assume the regulated price remains fixed at $40. how many rides will the driver provide now and what are his profits
According to the United States informationfor 1965-IQ to 1983-IQ (n=76), James and Adibi obtained the folowwing regression to explain personal consumption expenditure in the United States
Graph these curves and illustrate the market demand curve.
Suppose that the eye doctor offers senior residents a discounted price for an eye exam. The demand function for senior residents is Qs = 50 - Ps, and the demand function for the general public is Qg = 60 - Pg. The marginal cost for an eye exam is ..
Graphing Questions (Draw graphs on paper and take photos by smart devices. Each of the following should include the requested graphic AND a brief explanation/interpretation of what is being observed)
A couple has found a house which cost $201,500. They will put down $22,000 and finance the remainder with a 30-year mortgage loan from Bank of America at 4.65% interest (compounded monthly). If they escrow their HOA fees, insurance, and taxes at $..
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Draw a supply and demand curve for the labor market. Label the demand curve D4 and the supply curve S4. Label the horizontal axis write "Quantity of Labor" and the vertical axis "Wages".
Suppose Market Demand is given by Q=50-2P, Market Supply is given by Q=P-10. Now the government decides to impose a lump-sum unit tax on the producer. The amount of tax will be 3 dollars per unit.
Year Units of Output Price Per Unit 1 3 3 2 4 4 3 6 5 4 7 7 5 8 8 1. Refer to the above data. If year 3 is chosen as the base year, what is the price index for year 2. Refer to the above data. What is the nominal GDP for year 4
the table shows the miaximum amount of money you would be willing to pay for increasing numbers of chicken pieces at
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