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The federal government has imposed a new tax on car alarms. Assume that the tax is physically collected from sellers. a. What effect will this tax have on the equilibrium price and quantity in the market for car alarms? b. Show the impact of the tax on consumer surplus, producer surplus, tax revenue, and total private economic surplus (Note: In this context, total economic surplus = consumer surplus + producer surplus + tax revenues). c. How would the elasticity of demand for large car alarms affect the magnitude of the change in total economic surplus resulting from the tax? d. Given your answers to parts a-b, is there still an argument in favor of such a tax? Explain.
Solar Thermal Energy, rooftop solar water heaters can provide hot water during most of the year and space heating during the winter. Which tilt angle would work best for both applications? Would this be practical as opposed to mounting the panels at ..
How is net present value useful for making an engineering decision? What is the comparative values of NPV, annual worth, and internal rate of return? What is the most useful idea learned in engineering economy?
Kristen and Anna live in the beach town of Santa Monica. They own a small business in which they make wristbands and pot holders and sell them to people on the beach. As shown in the table, Kristen can make 15 wristbands per hour but only 3 pot holde..
Illustrate what would happen if too more labor is hired without an addition to capital. Elucidate using economic terms.
Explain how the Laws of Supply and Demand are illustrated in this graph. Describe the equilibrium price and quantity in this market.
Lucky Midas is a risk-averse gold prospector who has struck it rich. He has $W worth of gold— his only wealth—safely stashed away on his claim in the Yukon. He wants to get his gold from his claim to the big city where he hopes to spend it. His frien..
three arguments used to promote trade barriers are the national security argument the infant-industry argument and the
Three main facts indicate that Microsoft enjoys monopoly power. First, Microsoft's share of the market for Intel-compatible PC operating system is extremely large and stable. Second, Microsoft's dominant market share is protected by high barrier to e..
The Lost Mountains of northern Iowa are inhabited by the rare Marshallian deer. Patches of grass are far apart in this rugged land. If a deer finds a fresh patch of grass and spends h hours grazing it, it gets y = √ h units of grass. The deer compete..
Suppose that the initial loan of $20,000 and interest rate 1.2% per month. Interest due is paid at end of each month. $10,000 of the original unpaid balance is to be repaid at the end of month two and three only. How much total interest would have be..
Show (and explain) the short- and long-run effects of a decrease in the money supply, on a graph of AS and AD, starting at the natural rate of output. Is money neutral?
Using a supply-demand diagram, show a labor market with a binding minimum wage. Now, use the diagram to show those who are helped by the minimum wage, and those who are hurt by the minimum wage.
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