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You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research, AT&T has spent over $15 million on related paperwork and compliance costs. Moreover, depending on the locale, telecom taxes can amount to as much as 25 percent of a consumer's phone bill. These high tax rates on telecom services have become quite controversial, due to the fact that the deregulation of the telecom industry has led to a highly competitive market. Your best estimates indicate that, based on current tax rates, the monthly market demand for telecommunication services is given by Qd = 350 - 5P and the market supply (including taxes) is QS = 3P - 140 (both in millions), where P is the monthly price of the telecommunication services.
The senator is considering tax reform that would dramatically cut tax rates, leading to a supply function under the new tax policy of QS = 3.4P - 140. How much money per unit would a typical consumer save each month as a result of the proposed legislation?
Instruction: Enter your response rounded to the nearest penny (two decimal places).
Suppose the production function for a firm is given by: q=4L0.5K0.25. In the short run, the firm has 16 unitsof capital.
Farm must decide whether or not to purchase a new tractor. The tractor will reduce costs by $2,000 in the first year, $2,500 in the second and $3,000 in the third and final year of usefulness. The tractor costs $9,000 today, while the above cost savi..
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Yvonne contracts with Xavier to build a new building for her restaurant business for occupancy on Sept. 1.
For a sample of n=75, find the probability of a sample mean being greater than 220 if µ=219 and sigma s=3.7
What is the probability that the stenographer makes no typos in an hour?
The Wall Street Journal's experience after it increased its price to 75 cents. Illustrate what implicit assumptions are the publisher and the analyst making about price elasticity.
Compute the dominant firm's profits in equilibrium. Suppose that the dominant firm is able to cause an increase in the fringe's marginal costs of $1.
Identify the four basic market structures, in order, from the best for consumers to the being the best for producers.
Research funding sources. Leave no stone unturned, from micro financing and its details to grants for woman-owned businesses. Post links, make recommendations—let’s all work to gather funding sources!
For the Pittsburgh Development Corporation problem in Section 4.3, the decision alternative to build the large condominium complex was found to be optimal using the expected value approach. In Section 4.4 we conducted a sensitivity analysis for the p..
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