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Assume that the demand for surfboards in a given town is P = 100-4Q and the supply for surfboards in that same town is given by P = Q.
A. What is the equilibrium price and quantity of surfboards sold in this town?
B. Now assume that the EPA has found that the making of surfboards produces toxic chemicals which are harmful to the environment, so the government decides to tax the production of surfboards at a rate of $40 per surfboard in order to internalize the externality related to surfboard production. What is the price that the consumer will now pay per surfboard? What is the amount of money that the producer will receive for each surfboard?
C. Who bears the larger incidence of taxation in this case? (prove this graphically, with equations, or with a couple of sentences that provide back up for your answer)
q1. suppose that all the necessary conditions exist for the realization of equal wage rates in every market of labor
Between January and December 1994, U.S. unemployment fell from 6.7 percent to 5.4 percent of the labor force. The Federal Reserve, the nation's monetary-policymaking authority, took active measures beginning in February 1994 to raise short-term inter..
Let’s go back to better times for Radamel, before his injury. Remember he had a monthly allowance of $200 and an hourly wage of $50. Suppose that Radamel’s utility function is U=C^.5L. assume that the total “awake” hours are 110 per week. How many ho..
Chief Executive Officer (CEO) Pay There are several possible methods for determining the pay of CEOs in large corporations.
The terms price maker, price setter, and price searcher are all meant to imply the same thing, In monopoly,
In a monopolistically competitive industry,
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Contingency theories try to predict leadership efficiency. Common sense would tell us that not all traits or behaviors of leaders are positively related to effectiveness all of the time. Instead, whether a leader behavior is effective will depend on ..
What were the major areas of disagreement between John Maynard Keynes and the classical economists?
Economies of the Countries X and Y satisfy the Solow model with α = 1/3. In Country X the rate of investment is 7%, and in Country Y it is 28%. The two countries have the same levels of productivity, A, and the same rate of depreciation, δ. 8. What i..
Transfer pricing is a contentious issue for almost any company where divisions buy from or sell to each other. Stated another way, transfer pricing causes more conflict between divisions than almost any other issue. Give an example about this issue. ..
Think of an externality in your community. Explain what type of externality it is. How can it be resolved (through the market and/or through government policies)?"
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