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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.
1. 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).
2. 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 is buying a 12,375 car with a 3000 down payment, followed by 36 monthly payments of 325 each. The down payment is paid immediately, and the monthly payments are due at the end of each month.
If 85 million adults are not working what is the unemployment rate?
After being a doormat for much of their existence, the Brooklyn Dodgers became a dominant team as soon as they broke the color line in baseball. Explain why in the context of an economic model of discrimination.
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Evaluate the price and the output information in the following table. Calculate the related total revenue and marginal revenue.
Calculate the price below which the firm will not produce any output in the short run.
In which direction would international investment flow in response to these real interest rates. Illustrate what impact would these investment flows have on the dollar exchange value.
If the price elasticity of demand is 2 in absolute value, then when the price of a good x rises 25% the correct answer is the greater demand of good falls by 50%. Can you explain how they got this?
The company articles of incorporation and state laws place no restriction on the sale of stock to outsiders. An unexpected opportunity to expand arises that will require an additional investment of 14 million.
Explain how did the economic policies of developed countries after the second world war differ from their policies after the first world war? the "policies referred to here are those which most directly affect international trade.
Heer Enterprises requires someone to supply it with 198,000 cartons of machine screws per year to support its manufacturing needs over the next 6 years.
An essay on Market imperfection associated with negative externalities.
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