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Question1. Governments have sometimes not remembered about elasticity when they formulate tax rule. A few years before the city fathers in Washington DC wanted to raise revenues so they raised gas tax by ten cents a gallon. Revenues from gasoline taxes decreased instead of increasing. The tax increase also managed to put several service stations out of business. Why?
Question2. Using the total revenue test for elasticity, when there is a direct relationship between price and total revenue the demand is elastic.
Question3. Economic activity is not a zero sum game. When trade takes place in a market without force or fraud both parties can win.
Question4. Profit and loss determines how the factors of production are allocated?
Describe the cutthroat competitors reasons for not increasing or decreasing his price, thereby accounting for the kink in his demand curve.
What are the efficient quantities for each of the two periods? What are the correspondingprices and MUCs?
Describe the difference between monopoly and oligopoly, the welfare effects of monopoly, cost advantages that create monopolies, government actions which create monopolies.
Solve the partial derivative
For many years, your company has been protected through patents, Technological change and introduction of new products have been slow.
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
What specific standard is applied to a firm whose only contact with a forum state is through its Internet site? If you had an eBusiness, what could you do in order to limit your liability to suit in multiple jurisdictions?
A television station is planning the sale of promotional DVDs. It can have DVDs manufactured by one of two suppliers. Supplier A will charge the station a set-up fees of $1,200 plus $2 for each DVD.
Assume that someone told you that an increase in price of DVD players caused the decrease in demand for DVDs. Is this what you would predict? Why or why not?
Assume that both magazines are owned by the same publishing company that maximizes the combined profits of the magazines. Will the company make the same choice as in the noncooperative game (i.e., owned by different publishing companies)?
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
You have been tasked by your boss to forecast what hours of work through your workers would be following a proposed increase. you have had a flexible policy of workers selecting their hours
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