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Recently there has been discussion in the news about taxing junk food (soft drinks, for example) in an effort to reduce the incidence of obesity in the U.S. Do you think the demand for junk food is elastic or inelastic with respect to price.
Based on your knowledge of the price elasticity of demand, do you think the deadweight loss of a soda/junk-food tax would be relatively large or relatively small? Why? Do you think taxing junk food would be a good idea? Based on your analysis, would it really help reduce the number of obese people in the United States? Explain.
Explain the causes of recent recession and when it started and when it technically ended. Finally why the recent recession was called the worst recession after the great depression.
Define these terms standard costing and variance analysis. Briefly try to explain them.
Based on the newspaper government spending in the US is expected to rise through $30 billion next year. One of the senators of your state is touting how this increase in spending will lead to an rise in employment and aggregate output.
What is a proportional tax on individual income after a specified threshold has been reached
Elucidate the differences between private goods, public goods, natural monopolies, and open-access goods. Provide examples of each with your explanations.
Considering your country and generally considering the knowledge of economics, what are the four main economic goals in our countries irrespective of whatever political party is in power?
If monopolistically competitive firms have some control over their prices, why don't they set price above average total cost so they realize an economic profit in the long run?
What might be your variable costs be in the short run and how would you measure these That is, what items are the sources of your variable costs and how would you go about measuring the costs associated with them.
Discuss what economic theory predicts will happen. Draw a supply and demand graph illustrating the effect of a minimum wage. Discuss what elasticity conditions would economic theory prove to be true or false.
Are people gigging because that is the only thing that they have been able to find in a stressed economy? Are they making enough to not only get by but to thrive? Are they paying taxes on this income?
Keep in mind that the oil price is not the same as the price level in macroeconomics diagrams, even though the changes in oil price indirectly affect the general price level (such as CPI and GDPD).drawing of macroeconomic model of AD-AS behavior
Calculate the own price elasticity of Walmart's sports car toys and indicate if it is classified as inelastic, unit elastic or elastic. Why? What changes in revenues will Walmart expect as a result of the price change? Why?
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