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1. Define and describe "price controls".
2. What effect does the tax on a good have on buyers and sellers of the good?
3. How do the elasticities of supply and demand affect the deadweight loss of a tax?
4. Describe Tax incidence. Can government make buyers bear the entire burden of the sales tax?
5. What does the Laffer curve represent?
6. What happens to the deadweight loss and tax revenues when a tax is increased?
7. Considering what the Laffer curve illustrates, do you think the United States should lower its top marginal tax rate from the current level of 39.6% to 30%? Why or why not?
(Not just asking for opinion on whether taxes should be raised or lowered from 39.6%, but why?)
A two-year-old child is eating raisins one at a time from a large box. Even though the child doesn't understand formal economic theory, he knows when to stop eating because he is full. Describe how this child has already mastered marginal analysis..
In a kinked demand market, whenever one firm decides to lower its price - example of an oligopolistic market structure?
An important distinction created by health insurance is between the list price (PL) and out-of-pocket price (PP) of a medical good or service. The list price is the official price that the provider charges the insurance company, while the out-of-pock..
What are some of the problems with using the CPI as a measure of standard of living?
Discuss why you believe that the FOMC has made such a decision, and explain the consequences of such a decision on the economy.
In the chapter we mention how prices can vary in a tourist trap. Which market, St. Louis or Chicago, was more likely to behave like a tourist trap? Explain.
An executive from a large merchandising firm has called your vice president for production to get a price quote for an additional 100 units of given product. The vice president has asked you to prepare a cost estimate,
a. complete the table above. you do not have to complete any cell with - in it. be careful calculating mc and mr note
recommend appropriate pricing and nonpricing strategies for your new or existing good or service based on the projected
At what output is the average variable cost (AVC) at a minimum and if the market price of the firm's output is $7.5 per unit, should the firm produce or shut down?
What are the distinguishing characteristics of “public goods”? Give two examples of a public good. Why are public goods difficult for markets to allocate efficiently?
assume that there are only two inputs labor and natural resources producing two goods movies and gasoline with no
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