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Use the following supply and demand functions to answer the questions below:
Qd = 20-2P, Qs = 5+3P
A. Determine the total tax revenue earned by the government, the amount of the tax paid by Consumers and the amount of the tax paid by sellers.
B. What determines whether consumers or sellers pay the greater proportion of a tax-such as the tax on cigarettes-in part a? Explain your answer.
a- Draw a figure showing the demand curve and the supply for boxes of chocolates. What is the market equilibrium price and the market equilibrium quantity?b.If the price of chocolates is $17.00 a box, will there be a surplus or a shortage? Of how man..
A local hardware store is trying to decide whether to stay open. They have found that their industry is extremely competitive and profits have shrunk considerably. Knowing that you have taken an economics course the owners have asked for your opin..
question 1using appropriate t-accounts show the impact of the two monetary transactions below questions 1.a and 1.con
using a demand and supply model to explain the impact of occupational segregation or "crowding" on the relative wage rates and earnings of men and women.
Assume a country that basically consumes 100 pairs of shoes per hour, all of which are imported. The price of shoes is $40 per pair before a ban on importing them is imposed.
Suppose the government institutes a new sales tax on shoes, which are produced by a competitive constant-cost industry.
Demonstrate that if income and both prices change by exactly the same proportions, this does not change the optimaization conditions and therefore the equilibrium quantities of the two goods do not change.
Suppose capital is steady, with three machines and MPPK/MRCK = 30, determine the least cost input combo of labor and capital? How much output is produced?
In the United States, 2007 was a bad year for growing wheat. And as wheat supply decreased, the price of wheat rose dramatically, leading to a lower quantity demanded (a movement along the demand curve). The accompanying table describes what happe..
The Ogden Timber Corporation purchases from its suppliers on terms of 2/10, net 35. Ogden has not been utilizing he discount offered and has not been taking the cash discount offered and has been taking fifty days to pay its bills.
Depends on the demand curve above, what is the relationship between good X and good Z. What is the equation of the demand curve if consumer incomes.
If the MPC = 0.94, C 0 = 45, I = 150, G = 125, T = 75, X = 50 & IM = 60: Write out the consumption function. Compute the simple multiplier.
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