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The equilibrium price and quantity of gasoline is $2.50 per gallon and equilibrium quantity is 15 million gallons. The price elasticity of demand is -0.5 and the price elasticity of supply is 1.
The state legislates that a sales tax of $0.10 per gallon should be imposed on oil companies as a measure to collect revenue and cut oil consumption.
a) Find the price and quantity sold in the market after the tax is imposed.
What is meant by the incidence of a tax? Explain why the statutory and actual incidence of a tax often differs.
One of the elements of risk is uncertainty. Which one of the following best describes the type of uncertainty that risk involves? Risk can be classified as pure or speculative. Which one of the following is the best example of a speculative risk? Whi..
Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that she would not be willing to work for anything less than $50,000. Her decision is based on
In the early 1980s, Michael Milken developed the low-grade bond (or junk bond) for corporate finance. Throughout the 1980s, these were used by firms to finance leveraged buyouts (purchasing a controlling interest in a company’s shares using money rai..
In an economy where the equilibrium rate of return on assets is 5 per cent per year, suppose there are three assets A, B and M. A is an acre of land and has an annual cash flow of $50 (received at the end of the year) and is not expected to appreciat..
How would I find out by how much the price of water needs to be raised to reduce demand by 40% if the price of elasticity is 2.0.
Please help with f) and g) determined the correct answers consider the following economy.Derive the equation of the aggregate demand curve AD. [Hint: Replace the equilibrium interest rate in either the IS or LM function. This should give you the AD c..
Pick one company and analyze that company. Identify one concept from all of the following 1. Basic economic relations 2.Statistical analysis (history/competition)
What is the least you would be willing to accept to sell your house? c. Why are the answers to the above two questions different?
A new OSHA rule requires that welders be given 2 hour break for every 2 hours of work to prevent carpel tunnel syndrome. Using production theory, explain what will happen to the capital labor ratio in both the short run (when capital is fixed) and..
Jennifer Creek is saving up for a new car. She wants to finance no more than $10,000 of the $26,000 price in two years. She deposits $5,000 into a savings account now and will make monthly deposits for the next two years. If the savings account pays ..
Explain how political obstacles (lack of skilled officials, instability, corruption, and constaints by special interest groups) and cultural obstacles (cultural attitudes that discourage entrepreneurial activity and and encourage rapid population gro..
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