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Suppose that the U.S. government decides to charge wine producers a tax. Before the tax, 35,000 bottles of wine were sold every week at a price of $7 per bottle. After the tax, 30,000 bottles of wine are sold every week; consumers pay $9 per bottle, and producers receive $6 per bottle (after paying the tax).
The amount of the tax on a bottle of wine is ____ per bottle. Of this amount, the burden that falls on consumers is ____ per bottle, and the burden that falls on producers is ____ per bottle.
True or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers.
Mr. Smith has saved $1,800 each year for 20 years. A year after the saving period ended, Mr. Smith withdrew $7,500 each year for a period of 5 years. In the sixth and seventh years, he only withdrew $5,000 per year. In the eighth year, he decided to ..
In fact, an insurance agent explains that he is always true. Nevertheless, the engineer buys fire insurance. Explain why this is or is not a logical decision.
the impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following
PV and loan eligibility You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $450. The loan will have a 12% APR based on end-of-month payments. What is the most expensive car you could afford if you fin..
Assume that student marks are normally distributed. A random sample of 25 students' marks yield a sample mean of 70 and a sample standard deviation of 10. Estimate the population mean of marks with 95% confidence.
Explicates how every of these public polices involves demand for cigarettes by teenagers.
How much (per unit) is the tax? Briefly discuss how incidence of the tax is divided between buyers and sellers in this case. Find comsumer surplus and producer surplus both before and after the tax. How much tax revenue has been generated? What impac..
Utilitarianism is a deceptively simple moral theory that has quite a bit of intuitive appeal. But it also has its share of problems. How plausible do you find this account of the right making feature of acts? Clearly and carefully explain your answer..
If the CD is cashed in before September 1, 2006, you lose all interest for the first three months and the interest rate is reduced to 1.9%, compounded monthly, after the first three months.
Suppose that a new law requires every firm to provide its workers with free parking spaces. These spaces are worth $200 per year to workers, but cost firms $500 per year to provide
In a short paper, first explain the theory of 3 rd degree price discrimination as it applies to the airline industry including a graphical model. Explain how and why airlines would choose to practice price discrimination.
What are some of the major opportunities and threats that the US faces as the world becomes one global marketplace? How do we take advantage of them and how do we deal with the downsides?
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