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The Challenge Solution says that a gas tax is roughly equally shared by consumers and firms in the long run. What can you say about the elasticities of supply and demand? If in the short run the supply curve is nearly vertical, what (if anything) can you infer about the demand elasticity from observing the effect of a tax on the change in price and quantity?
Why might the unsafe consumer products argument be a more effective strategy (from the perspective of the importing country) than using tariffs or quotas to restrict imports?
Which do you think is the biggest problem with it, and why?
how much would you expect the equilibrium price paid by consumers to change? How much would you expect the equilibrium price received by producers to change?
Suppose that fixed costs increase by $50 but the prevailing market price remains unchanged. Using algebra determine the effects of this change in cost on the profit maximizing output and the optimal profit. Do you see any change from your answer t..
Describe the price-fixing scheme as the equilibrium outcome of an oligopoly cartel game played by the airlines. Explain why the cartel survived.
When the price of a deluxe car wash rises from $10.00 to $11.00, the number of daily customers falls from 60 to 48
Find a current event article (dated within the last 6 months) that addresses fiscal policy issues in the United States today. Explain the problem and the recommended strategies being debated.
Consider a demand function x = 100 - p where x is output and p is price. A monopolist has cost C(x) = (1/3) x^3 - 7 x^2 +111x +50 Find the profit maximizing output (and price) such that x 0. Check to see if you have a local max or min and also chec..
Joe quit his job as a salesman where he made $35,000 per year to start his own t-shirt making business. His business expenses are $6,000 per year on rent, $12,000 per year on supplies, and $4,000 per year on part time help.
What quantity of spraying would a private control program provide? What is the efficient quantity of spraying?
You work on a doughnut farm--you grow doughnuts. In each period, you are able to grow 20 doughnuts. If you go to the coffee & doughnut exchange, you may buy and sell doughnuts for $1 each, and buy and sell coffee for $2 each.
Using a noninformative prior, derive the marginal posterior p jy/.
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