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Suppose there are two types of food: Slow and Fast. Slow food is food that takes a lot of time and energy to prepare, and is possibly more "authentic." Consider it a high-end luxury good. All other food we'll call Fast. It's a staple needed to live, is quick to acquire and cheap. The slow food costs $20 per unit, while the fast food costs $5 per unit. The price elasticity of demand for slow food is -2.8. The price elasticity of demand for fast food is -.20. The government is considering a tax on food. The tax on slow food is denoted ts, and the tax on fast food is denoted tf.a. Comment on the significance of the different elasticities of demand?b. What is the equation for the optimal (Ramsey) value of ts in terms of tf.c. In a clearly written paragraph, comment on the relative size of ts compared to tf, and why we are seeing this result.d. Suppose the government has selected tax levels ts and tf using the Ramsey rule. Furthermore, at those taxes, the market sells 3 million units of slow food and 300 million units of fast food., the government collects $1 billion in revenue from these taxes. What are the values of th and tp?
Describe how capital and labor affect the production function for both a toy manufacturer and a retailer during the Christmas retail season.
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Consider another policy where the government could impose a price ceiling p on the monopolist. If the government were interested in maximizing social surplus, what would be the optimal value of p when considered from the point of view of the gover..
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Explain how market structure affects market performance and conduct. Identify three types of government regulation that help to improve market performance and conduct
You should comment on the success and/or failure of its approach and implementation as stated in the text and posted readings and how it may have modified its organization, supply or marketing over time given changes in its markets
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Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
Draw the world relative supply curve RS for good X. Label all the axes (relative price of good X on the vertical axis and world output of x relative to y on the horizontal axis) and the relevant points.
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One of the partners favors moving downtown because she believes the additional business gained by moving downtown will exceed the higher rent at th downtown loaction plus the cost of making the move. THe other parnter at the PBS opposes the moves.
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