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According to studies undertaken by the US Department of Agriculture, the price elasticity of demand for cigarettes is between – 0.3 and – 0.4 and the income elasticity is about + 0.5. Suppose Congress, influenced by studies linking cigarette smoking to cancer, plans to raise the excise tax on cigarettes so the price rises by 10%. Estimate the effect the price increase will have on cigarette consumption and consumer spending on cigarettes (in percentage terms). Suppose a major brokerage firm advised its clients to buy cigarette stocks under the assumption that, if consumer incomes rise by 50% as expected over the next decade, cigarette sales will double. What is your reaction to this investment advice?
Helen can earn 3% interest in her savings account. Her daughter Roberta is 11 years old today. Helen deposits $4000 today, and one year from now she deposits $1000. Each year she increases her deposit by $500 until she makes her last deposit on Rober..
q1. assume you are to specify a short-run total variable cost function for a nursing home. elucidate the variables you
analyze the graphs and briefly describe the similarities and differences between the short and long run operation of each business
Elucidate what is the present discounted value of the cost of the car if you use GM's interest-free financing
part 1 truefalse questions. explain your answer fully.1. the risk treatment in the bene.t-cost analysis assumes risk
Elucidate why is private property also protection of property rights, so critical to the success of the marketplace system.
If a monopolist can find buyers for 10 units at a price of $40, and if the marginal revenue due to the 11th unit is $18, the highest price at which the monopolist can find buyers for 11 units must be
positive levels of output and are zero if the monopolist shuts down. If current output level is 5, illustrate what should the monopolist do to increase profits.
Real Turf is considering purchasing an automatic sprinkler system for its sod farm by borrowing the entire $35,000 purchase price. The loan would be repaid with four equal annual payments at an interest rate of 12%/year.
What is price elasticity of demand when price increase from $3 to $4 and Qd decrease from 90 cups to 70 cups as the price of tickets rise from $200 To $250, what is the price elasticity of demand for a) business travelers and b) vacationers? use midp..
When a tax is placed on the buyers of cell phones, the size of the cell phone market
Values are "ideal" consisting of ideas that we believe to be good and what we should do. What happens when people violate values, failing to practice what they believe in?
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