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Many studies on rats and mice have established that charred meat grilled over hot coals causes cancer. Since the government cannot easily regulate home cooking methods, an alternative method has been proposed to discourage the consumption of barbecued meat. The proposal is to place a 100 percent tax at the retail level on charcoal briquets. Suppose the daily demand for charcoal was P = 120 − 2Q and the supply was P = 30 + Q, where P is in dollars per bag and Q is the number of 20-lb bags of charcoal sold weekly.
a. What is the before- and after-tax price of charcoal?
b. What is the before- and after-tax quantity of charcoal?
c. How is the tax divided among sellers and buyers?
If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits. When economic profit is positive,
Suppose Congress had chosen to both increase government spending and raise taxes by the same amount in 2009. What increase in government spending and taxes would have been required to prevent the decline in output in 2009?
Select any research idea that you are interested. Write down a research question. For example, I am interested in the Salary of baseball players. My research question is "Does age determines wages of baseball players?"
When prices are (P1, P2)= (1,2), the consumer demands (X1, X2) = (1,2). When prices are (Q1, Q2) = (2,1), the consumer demands (Y1, Y2) = (2,1). Is this consumer behaviour consistent with Weak Axiom of revealed preference? Calculate the own price ela..
Suppose that Michelle buys a cappuccino from Paul\'s Cafe and Bakery for $6.25. Michelle was willing to pay up to $8.75 for the cappuccino and Paul\'s Cafe and Bakery was willing to accept $2.25 for the cappuccino. Producer surplus is the difference ..
A survey of 64 of your fellow classmates determines that 19 of them are bullish on the market while the remainder is bearish. What is the market sentiment index for this group of individuals?
Discuss the author(s) contention that in addition to ensuring the solvency of social security, the government should also consider how to increase benefits for recipients. How much would this increase in benefits add to the burden on future taxpayers..
Consider our competitive market, describe by the supply and demand model. If there are no externalities, explain why economists describe the competitive equilibrium an efficient. Do these firms have an incentive to reduce their pollution? Modern econ..
An economist estimated that the cost function of a single-product firm is: The fixed cost of producing 10 units of output. The total cost of producing 10 units of output. The average total cost of producing 10 units of output.
Discuss why it is important to evaluate processes within an organization using flowcharting and performance metrics.
Elucidate using a graph why the change in real GDP is likely to be smaller than the shift in the aggregate demand curve.
A coal fire plant that produces electricity emits sulfer dioxide, which causes Acid Rain, into the atmosphere. The market equilibrium price of electricity is $6 per kilowatt hour (kWh) and the market equilibrium quantity is 10 kWh. What type of exter..
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