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What is the effect of a $1 specific tax collected from producers on equilibrium price and quantity if demand is perfectly nelastic -Price increases by $1 and quantity is unchanged
What is the incidence on consumers Explain.
The incidence of the tax that falls on consumers is _____ percent because consumers are ______ price sensitive.
Globalization has had a significant impact on the world economy and the economy of the United States. Using economic principles, describe how globalization has affected positively and negatively the economy of the United States.
The Snow City ski resort caters to both out-of-town skiers and local skiers. The demand for ski tickets for each market segment is independent of the other market segment. The marginal cost of servicing a skier of either type is $50.
Consider a firms per-period (e.g., hourly) production process. If it employs 1 unit of labor, then 5 units of output will be produced; if it employs 2 units of labor, then 12 units of output will be produced; and if it employs 3 units of labor, then ..
Because of the free-rider problem
A domestic subsidy to enable an industry to compete against imports:
Consider three agents with the respective utility functions: uA(x,y)= xy (MRS(x,y)= y) x uB (x, y) = x + y (perfect substitutes) uC (x, y) = min{x, y} (perfect complements) Assume each agent has income $120 and initially faces the prices px = $1 and ..
Based on the collected data, evalute the current macroeconomic situation and its impact on Walmart and Starbucks.
Suppose we now care about the long run decisions of a firm that has a production function of the form q = 4L^1/2 + K. What are the optimal choices of inputs for this firm? Do you find something unusual what compared to the optimal choices for q = 10 ..
The inverse demand for a homogeneous-product Stackelberg duopoly is P = 18,000 -4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 4,000QL and CF (QF) = 6,000QF..
GoBulls Media is considering opening a new manufacturing facility to process and mail coupons to 660,000 households in the Tampa Bay area. The new facility will require an initial investment of $240,000 and an annual operating cost of $22,000. It wil..
On October 19, 1987, the Dow Jones industrial average dropped about 500 points or a little more than 23%. What effect should a decline in stock values of this magnitude have had on aggregate demand according to the life-cycle theory of consumption?
The industry demand curve for a particular market is: Q = 1,800 - 200P. The industry exhibits constant long run average cost at all levels of output, regardless of the market structure. Compare the economic efficiency of each possibility. Perfect Com..
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