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Federal Transportation Administration has introduced a new tax on train travel. There are two types of travelers by train, business travelers and leisure travelers. The former have a price elasticity of demand of -1.2; the latter have a price elasticity of demand of -3. Which type of traveler will bear the larger burden of the tax? Briefly explain your reasoning.
Aggregate expenditure is the total amount of spending in the economy that determines the level of the GDP. Components of aggregate expenditure are autonomous expenditure, planned private investments, government expenditure, and net exports. When a..
where α is the market potential, e is the advertisement “effort”, and γ is its marginal impact on sales. The cost function for the effort is represented by (1/2)ke2 where k is a constant. Find the Stackelberg equilibria for the following two scenario..
What is the difference between maximizing firm value and maximizing stockholder wealth? Under what assumptions are the two equivalent? Under what conditions will maximizing firm value also enrich society?
Suppose the corporate tax rate on accounting profits is 40%. The firm can include depreciation at the rate d per year in its accounting costs
Suppose an industry has 100 firms, each with supply curve P = 50 + 10Q. Furthermore, suppose the market demand curve is given by P = 200 - 0.9Q. What is the industry supply curve?
The wait times at a gas station follows a uniformal distribution varying evenly from 0 to 300 seconds.
What type of test is needed to analyze the data? What is the hypotheses (including the symbols used to state the hypothesis)?
Elucidate how the necessity of a good and the availability of substitutes impact the price elasticity of the product. The product is beef.
Consider the differences between demand schedule and the demand curve, and how are they related.
Figure 7.1 is drawn from Harrison and Rubinfeld’s study of the demand for air pollution in Boston. Make a copy of Figure 7.1 and then estimate the total willingness to pay, for a household earning $15,000 per year, or reducing NOx levels from 6 to 4 ..
Recently, there has been substantial pressure on China from the U.S. government to allow the value of the yuan to decrease relative to the U.S. dollar. Why might the U.S. government want this change in the value of the yuan? How would such a change a..
Explain using a supply and demand curve the effects of an increase in minimum wage. According to U.S. Department of Labor, effective July 24, 2009, the national minimum wage was $7.25/ hour; therefore, research the current minimum wage rate on the la..
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