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The government of Alpha imposes a per-unit tax on Brureff soda. Given that Brureff may be relatively elastic demand or inelastic, illustrate the impact of this tax on price and quantity using a supply and demand graph for these two (elastic/inelastic) situations.
Demonstrates content knowledge through a full and complete original posting in response to the board topic. Two (minimum) or more (exceeding expectations) complete and thoughtful responses to other workshop participants that demonstrate addition of ..
1. Relative to free trade, a tariff on imports of wine into the United States would result in
Dwight and James are looking at these 2 jobs and will make choices. Job B looks more attractive by using simple arithmetic in a static world; but since these will occur in different periods, we know that the best way to evaluate each one is by gettin..
A family that won a $100,000 prize on America’s Funniest Home Videos decided to put one-half of the money in a college fun for their child who was responsible for the prize. If the fund earned interest at 6% per year, how much was in the account 14 y..
If the economy is in a recession, what sort of fiscal policy changes would tend to bring it out of recession? Discuss b) What is the difference between inflation and a relative price increase? Explain c). If the inflation rate is 4% and the nominal r..
Governments often place so-called sin taxes on goods or services such as cigarettes, alcohol, and pornography. These kinds of taxes are popular with politicians because they are usually more palatable to voters than income taxes.
American smoke 470 billion cigarettes and the average price per pack was $2. If the price elasticity of demand is -0.4 and price elasticity of supply is 0.5, compute the demand and supply linear equation.
Assume two firms, A and B, serve a market with demand D(p) = 100 minus (p). Also assume that (i) firms compete for market share (quantity competition) and (ii) firm A has cost function cA(Q) = 2Q and firm B has cost function cB(Q) = Q. Describe this ..
Your firm is one of 100 identical firms operating in the short run in a perfectly competitive market. Your total cost function (short run and long run) is C = 800 + 25 q + 0.5 q2, and your marginal cost function is MC = 25 + q. Find the lowest price ..
Variables typically included in a multivariate demand function (other than the price and quantity of the item the demand function represents) are consumer
The fuel economy of a 2011 Lexus RX 350 2WD 6 cylinder 3.5 L automatic 5−speed using premium fuel is a normally distributed random variable with a mean of μ = 20.5 MPG and a standard deviation of σ = 1.25 MPG. What is the standard error of X, the mea..
A decrease in the price of resources will cause the AS curve to. If this year's price index number for good X is 125 then:
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