Most heavily taxed items

Assignment Help Business Economics
Reference no: EM13997402

Why are cigarettes and alcohol the most heavily taxed items in the US? Now, if the government increases the price of these items by 10%, how does this affect the stores that sell them? Provide a detailed response.

Reference no: EM13997402

Questions Cloud

What is his optimal consumption basket : Ben’s preferences are represented by the marginal rate of substitution MRS = 2y/x. His income is I = 180. The market prices are Px = 3 and Py = 1. What is his optimal consumption basket?
Compute the equilibrium price and the quantity of oranges : Suppose the demand curve for oranges is given by the equation. Compute the equilibrium price and the quantity of oranges
Conclusion about the profitability of increasing prices : To conduct an experiment, AMC increased movie ticket prices from $9.00 to $10.00 and measured the change in ticket sales. Using the data over the following month, they concluded that the increase was profitable. However, over the subsequent months, t..
The producer and consumer surplus in markets : What happens if you are willing to pay $80 to go to a concert, but the ticket prices are only $50. How does this affect the producer and consumer surplus in markets? Provide a detailed response.
Most heavily taxed items : Why are cigarettes and alcohol the most heavily taxed items in the US? Now, if the government increases the price of these items by 10%, how does this affect the stores that sell them? Provide a detailed response.
Application of economies and diseconomies of scope : In "Kitchen Nightmares," Chef Gordon Ramsay visits struggling restaurants and gives the owners of the restaurant a number of recommendations intended to reverse the restaurant's prospects. Explain how the recommendation is an application of Economies..
Both products have similar production costs : You are the manager of a firm that receives revenues of $175,000 per year from product X and $50,000 per year from product Y . Both products have similar production costs. The own price elasticity of demand for product X is -1.5, and the cross-price ..
What is the benefits of market place clearing : What is the benefits of market place clearing? In relations to health care providers, Is it more beneficial to the supplier of consumer?
Prepare journal entries to record each : Repeat requirement 1 assuming that the company uses the replacement depreciation method instead of the retirement method.

Reviews

Write a Review

Business Economics Questions & Answers

  What would be the pros and cons of using spot exchange

Amacon is a bicycle manufacturer that produces approximately 5,000 bikes each month. In order to meet that demand, Amacon needs 10,000 rubber tires at its assembly plant on the last Thursday of each month. Please explain the answers to the followi..

  Impact how a company calculates the value of a customer

From an economic standpoint are some customers worth more to a company than other customers. What factors impact how a company calculates the value of a customer?

  Compute the total cost of lording and carrying flour

A large bakery buys flour in 25-pound bags. The bakery uses an average of 4,900 bags a year. Preparing an order and receiving a shipment of flour involves a cost of $10 per order. Annual carrying costs are $75 per bag. Compute the total cost of lordi..

  Rationale for business and step-by-step explanation

A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals is a

  Identify possible economic policies

Select any four of the six summary statements and explain in detail the significance and possible causes of each item. Be sure to use the economic concepts and polices discussed in your textbook where applicable. Identify possible economic policie..

  What is the value of government securities the fed

Using a required reserve ratio of 10% and assuming that banks keep no excess reserves, what is the value of government securities the Fed must purchase if it wants to increase the money supply by $2 million?

  Country experiences population growth

Assume that neither country experiences population growth nor technological progress as well as that 5 percent of capital depreciates each year

  Why do farmers landowners have an incentive

Why do farmers landowners have an incentive to maintain the productivity of their land over time.

  Profit maximzing monopolists marginal costs

Suppose that a profit maximzing monopolist’s marginal costs increase at all output levels. What is likely to happen to the quantity the monopolist produces, AND the price it charges? Support your answer.

  Customer satisfaction and customer loyalty

What does the latest research say about the connection between customer satisfaction and customer loyalty? Do an Internet search of this topic and find specific statistics.

  Qyou are the manager of a manufacturer that sells

q.you are the manager of a manufacturer that sells protective cases for the samsung galaxy. samsung produces half of

  Does company usage reflect optimal mix of testing equipment

Smokey's Garage, Inc., provides routine auto diagnostics for customers in the Atlanta, Georgia, metropolitan area. Tests are supervised by skilled mechanics using equipment produced by two leading competitors in the auto test equipment industry. Does..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd