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The demand curve for two liter bottles of soda is given by QD=4000-300P, and the supply curve is given by QS=1300P. In an effort to reduce soda consumption, the government has placed a tax of $4 per two-liter bottle that is added to the consumer’s bill at the checkout.
a. What is the reduction in total costs due to the tax?
b. What is the deadweight loss of this tax?
Farmer Bogus is selling his product in a purely competitive market. His output is 600 bushels which sell for $2 per bushel. At this level of output, marginal cost is $2, average total cost is $7, and average variable cost is $6. Farmer Bogus should p..
Evaluate how sale of novels would change during a period of rising incomes. Assess probable impact if competing publishers raise their costs.
Explain any additional variables that may improve the coefficient of determination. Based on the forecasting demand, determine whether Dominos should establish a restaurant in your community. Provide a rational and support for the decision.
"The principle of the invisible hand asserts that self-interest behavior on the part of resource-owners leads inevitably to chaos" true or false, why?
Jersey Imports, Inc., markets electronic devices imported from Thai producers. The company recently introduced an innovative and enormously successful 5 GB Joystick (computer memory device), but a flood of competitor entry and downward pressure on bo..
A profit-maximizing firm hires labor up to the point where. Accountants calculate. Which of the following is NOT a factor of production? Normal profit is a(n) ________ cost because ________.
Just prior to a professional baseball spring training session, you are asked to assess the probability that a particular baseball team will win the coming World Series. How would you go about making this assessment? In what sense is this assessment ..
There are only two individuals that make up the market demand for this market. Person 1 is willing to pay a price P = 200 - 50 q1 for each quantity q1 that person 1 consumes. The willingness to pay for person 2 is P = 200 - 100 q2. what is the equil..
1. in which market model would there be a unique product for which there are no close substitutes?a. monopolistic
q.a firm uses 4 inputs to produce 1 output. the creation function is fx1 x2 x3 x4 minx1 x2 minx3 x4.1 elucidate what
Which of the following is a characteristic of economies of scale?
Calculate the internal rate of return and the net present value to determine the desirability of this investment.
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