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Shifting a Tax on Home Heating Oil. You are an economic consultant to a member of Congress. Someone just introduced a bill that would impose a carbon tax of $100 per ton, which would shift the supply curve for heating oil upward by $0.30 per gallon and to the left by 15 percent. The initial (pretax) price of heating oil is $2.00.
a. Use a graph to show the effects of the tax on the price and quantity of heating oil. Will the entire tax be paid by consumers? If not, who else will bear part of the tax?
b. Suppose the price elasticity of the supply of heating oil is 1.0 and the price elasticity of demand is 0.50. Use the price-change formula developed in the chapter on elasticity to predict the new equilibrium price. What fraction of the tax is passed forward to consumers?
Corporate profitability decline by 20 percent from 2008 to 2009. What performance percentage would you use to trigger executive bonuses for that year Why What issues would arise with hiring and retaining the best manager
determine the two equal deposits the first deposit required now and the second deposit at the end of year 6 so that you
Let the market demand for rye bread be given by Q = 500 I - 250Prye 400Pwheat, where Q is monthly demand in number of loaves, I is average monthly income in dollars, Prye is the price of a loaf of rye bread, and Pwheat is the price of a loaf of wh..
What are some procedures in connection with dispelling going concern questions?
Suppose that velocity is constant and the economy's output of goods and services rises by 5 percent each year. What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant.
Describe the current status of cross-country income differences with some background on how/why the world arrived at this current status.
What would be the profit for the given number of students?
if nominal output rises from $13.5 billion to $14 billion and the GDP deflator rises from 100 to 105, a)what is the percetage increase in nominal output b)what is the percentage increase in the price index
Due to economies of scale in the industry, entry by new firms is not profitable. Toyota has asked your company and your only rival to simultaneously submit a price quote for supplying 100,000 front and rear windshields for its new Highlander.
Next, assume you paid $700 in interest on your student loans last year, put $2,000 into a health savings account (HSA), and deposited $5,000 into an individual retirement account (IRA). These expenditures are all tax exempt.
Consider a two-good exchange economy with two individuals, A and B. A's preference is represented by uA(xA1, xA2) = 0.3ln(xA1) + 0.7ln(xA2), and B's is represented by uB(xB1, xB2) = 0.8ln(xB1) + 0.2ln(xB2).
Consider the source population that gave rise to the cases.Imagine you wanted to conduct a similar study in the U.S. How might you measure the exposure differently?
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