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2- Suppose consumer has to choose between the composite good Y (PY=$1 /unit) and gasoline, G. Assume the consumer utility function is: U (G, Y) = and his income is $210/mo.
a. If originally PG=$1.50 /gallon, how much gasoline the consumer is going to consume?
b. The government imposes a tax of $0.50 /gallon on gasoline. Assume all the burden of taxation is borne by the consumers. How much gasoline the consumer is going to consume after taxation?
c. Suppose after taxation that the consumer is given a payroll tax rebate that happens to be exactly equal to the amount of gasoline tax he pays. Illustrate what will be the consumer consumption of gasoline now and how much will be the amount of rebate?
Provide an examples of how each industry practices price discrimination. What are the short and long term strategic reasons these industries employ tiered pricing.
Elucidate what was the actual price elasticity before the cartel was formed.
Consider a firm selling two different products at two different plants. The cost function for both plants is given by C (q 1 , q 2 ) = q 1 2 + αq 1 q 2 + q 2 2 .
The FCC has hired you as a consultant to design an auction to sell wireless spectrum rights. The FCC indicates that its goal of using auctions to sell these spectrum rights is to generate revenue.
Illustrate what does, and what doesn't, the Solow model tell us about the sources of economic growth and the best policies for attaining high per capita incomes.
GDP is the total value of all final goods and services produced in within a country in a given year. Do you think the GDP is a good indicator of economic well-being. Illustrate what other factors do you think contribute to a good standard of living.
Elucidate the impact of inflation, unemployment and the business cycle. Explain if the conditions are consistent with the Keynesian or classical economic theory.
Is energy efficiency the same as economic efficiency? Explain. Under what circumstances would the energy-efficiency automobile described her be economic efficient?
Elucidate what are the differences among horizontal, vertical, and conglomerate mergers. Is one type preferable from the view of anti-trust policy.
The perticular information needed to calculate each metric should be discussed. For each metric discuss the appropriate target value and the actions that need to be taken to achieve the target.
explain international trade wars can take place and competition among nations is reduced.
Illustrate what would each political philosophy of utilitarianism, liberalism, and libertarianism likely suggest should be done in this situation.
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