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(a) Using a supply and demand diagram show the market for housing in equilibrium, where demand is less elastic than supply. On your diagram label the respective consumer and producer surpluses. Is this market Pareto efficient? Why or why not?
(b) Assume that the State Government imposes a per unit tax on the sellers of houses. Draw a new diagram showing the imposition of this tax on the market for housing. Does the imposition of this tax cause a Pareto improvement in the market? Explain.
(c) Does the tax imposed in part (b) create a larger burden on producers or consumers, or do they share the burden of the tax in equal proportion? Justify your answer with reference to your diagram in part (b).
A 5 year treasury note has a coupon rate of 2.50%. What price would you pay for such a security having a principal value (par value) of $1 million if the current interest rate is 2.25%? The current interest rate is 3%? (to simplify the calculations, ..
Using the data from above: As price decreases from $1.00 to $0.70, demand is (elastic, inelastic, unit-elastic) ______________ and total revenue (increases, decreases, remains the same) ______________. As price decreases from $0.70 to $0.60, demand i..
Identify three types of competition that most firms encounter other than competition from other firms in their industry in their home country.
1. A delivery tuck has an active Irle of eight years and costs $35,000. The estimated trade-in schedule and annual O&M costs are given In the following table.
q1. explain and show graphically the effect on the supply and demand for bonds in a deflationary period. what is the
The New York Times reported (Feb. 17, 1996) that subway ridership declined after a fare increase: “There were nearly four million fewer riders in December 1995, the first full month after the price of a token increased 25 cents to $1.50, than in the ..
A college graduate is $24,000 in debt from her loans. The interest rate on the debt is 0.75% each month. The monthly payments are $432.61. How many moths will it take to pay off the debt.
Compute the maximum profit for the monopolist in terms of F. For what values of F will the monopolists profit be negative?
How has the church's locus of authority changed in the medieval period from that of the early church period surveyed in session 1? Why or why not?
Do you think there are lessons for American capitalism in Europe’s experience? Is it the other way around? Might both have things to learn? Do you think that the general acceptance of the market framework by Europe’s socialist parties signals an end ..
Assume the real MARR is 8%, and the inflation rate is 5%. Find the equivalent annual cost after taxes. Does inflation increase or decrease the annual cost?
A resident toy manufacturer known as ABC Toys defines their corporation as extremely competitive. However, they do have uncertainties about their close toy manufacturing competitors within their market. Using the example above, would this market be c..
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