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The supply of luxury boats is perfectly elastic. The demand for luxury boats is unit elastic , and with no tax on luxury boats, the price is $1 million and 320 luxury boats a week are bought. Now luxury boats are taxed at 40 percent.
Question one: After the tax is imposed, the buyer pays ____ for a luxury boat. Answer to Question One: $1.40 million
Question two: Choose the statement about the tax incident that is correct. Answer to Question two: The buyer pays all the tax.
Question three: (I need the answer to this one) The government raises tax revenue of $____ million (answer to 1 decimal place)
In exchange for $25000 today I have been promised $12285 per year for 5 years. Inflation has been averaging 8% per year. The inflation adjusted or real IRR is?
Suppose two identical firms competed in prices (Bertrand competition) in a market. Both firms face a constant marginal cost MC = 25. What is the equilibrium price charged by both firms? Suppose now that both firms implemented a price match guarantee...
The perfectly competitive DVD copying industry is composed of many firms who can copy five DVDs per day at an average cost of $10 per DVD. Each firm must also pay a royalty to film studios, and the per-film royalty rate (r) is an increasing functions..
Explain these varied outcomes in terms of how the market system answers the question "What goods and services will be produced?"
Hart's Floral Shop sells bouquets for special occasions. Annual demand is 500? bouquets, the? company's cost to place an order with its vendor is? $25, and the cost to hold a bouquet in inventory for a year is? $15. If Hart orders from its vendor in ..
Suppose that you estimate the following cost function for your company, which is a monopolistically competitive firm: TC=150Q-5Q^2+Q^3 , and the following demand curve for your product: P=162-5Q. Compute and plot the average cost and marginal cost. O..
A Researcher estimated that the price elasticity of demand for automobiles in the US is -1.2, while the income elasticity of demand is 3.0. Next year, US automakers intend to increase the average price of automobiles by 5%, and they expect consumers’..
Determine the appropriate risk-free rate and equity risk-premium to use in valuing your company. Briefly explain the reasoning behind your estimates - Determine the appropriate weighted average cost of capital to use in valuing your company. Show ..
Explain how businesses maximize profits in a perfectly competitive market. Comment on the benefits to consumers in such as market.
q.the husband of miss young is a monopolist with constant marginal costs of 50 that can sell to three groups of
Assume only two countries, China and the US. If China decides to stimulate growth through a policy of running a large export trade surplus, does China’s national saving increase? Show the relationship between China’s national savings, domestic invest..
Which of the following would be a deadweight loss from a tariff? select one the shift of consumer surplus to government the increase in producer surplus the decrease in consumer surplus
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