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Imagine a world with two individuals, a rich one denoted by R, and a poor one denoted by P. Both individuals consume gas, and their demands are given by QR = 100 - 0.5P and QP = 60-P respectively, where P is the price of gas, and QR and QP are the quantities consumed. Imagine the price of gas is $40. The government wants to introduce a carbon tax of $10 per units of gas consumed, but is concerned about the impact it will have on the poor individual. (a) Is it possible to collect new tax revenue, and at the same time guarantee that the poor individual will not be made worse-o? by the new carbon tax? Be speci?c, and make sure you calculate the ?nal tax revenue. Assume the government is able to observe who is poor and who is rich. (b) So far, we have assumed that the supply of gas was perfectly elastic. Imagine that the supply was no longer perfectly elastic, would it be easier or harder to guarantee that the poor individual is not made worse-o? by the new carbon tax? Be speci?c; using a graph may be helpful.
To maximize profits, a perfectly competitive firm should produce until: price is greater than average total cost.marginal cost is equal to price. average total cost is minimized. per unit profits are maximized.
What motivated the producers of those individual products to make them and offer them for sale How did the producers decide on the best combinations of resources to use Who made those resources available and why
Develop a one year monthly or weekly forecast or a two year quarterly forecast (for the hold out period) using the time series decomposition model you evaluated in c) above.
The basic model of pure competition reviewed in this chapter finds that in the long run all firms in a purely competitive industry will earn normal profits. If all firms only earn a normal profit in the long run, firms will develop new products or..
Public Choice theorists have emphasized that there is a bias toward growth in government due to the "concentration of benefits" and the "diffusion of burdens" (or costs) from government spending. Some people, like Wilhelm Ropke.
Each car manufacturer undertakes dynamic advertising campaigns seeking to persuade prospective buyers of the superior quality and better style of his cars and reacts very quickly to claims of superiority by his rivals.
A firm in a perfectly competitive industry is making losses in the short run. (i) Sketch a ‘typical' firm's Average Cost and Marginal Cost curves and in the diagram show a possible price at which the firm would produce in the short run, but make l..
Suppose the annual inflation rate is at 2% and 8.5% of the labor force is currently unemployed. If you were on the Fed's Open Market Committee, what action would you prescribe? How would this affect the economy, the inflation rate, and the unemplo..
Management at the Johnston Corporation estimates a demand function for its lawnmower line to be:Explain the coefficients of each explanatory variable.
Two small airlines provide shuttle service between Las Vegas and Reno. The services are alike in every respect except that Fly Right bought its airplane for $500,000, while Fly by Night rents its plane for $30,000 per year. Analyze fixed costs, Ma..
IS THE SAVINGS INTEREST RATE OF INTERNET- ONLY BANKS HIGHER OR LOWER THAN THE RATE OF BANKS IN WHICH YOUR DEPOSITS(OR ANY LOCAL BANKS)?
Most of us participate in the economy every day. As households, we can provide labor to companies or government in the input market and we are also consumers of goods and services in product market.
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