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The government is thinking about a tax on potash of $1.00 per kg. The government knows that the elasticity of demand for potash is ε= -0.50, while the elasticity of supply is η=5. The current market equilibrium quantity is 10,000,000 kg, while the current equilibrium price that consumers pay is $5.00 per kg. Suppose that the tax is assessed on producers who collect the tax for the government.
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Suppose there are 100 firms in a perfectly competitive industry. Each firm has a U-shaped, long-run average cost curve that reaches a minimum of $10 at an output level of 8 units. Marginal costs are given by MC(q)= q+2 and market demand is given by Q..
If you were the Prime Minister of the United Kingdom, in terms of cultural identities. What do citizens of your country (united kingdom) have in common with the migrants? Is there pressure (economic, political, religious) on your to accept migrants i..
Explain why might Industries in industries with high fixed costs be inclined to prevent strikes or end strikes quickly.
A pork-processing facility is considering installing either a storage facility or a holding pond. A biosystems engineer has been hired to evaluate the economic trade-offs for the two alternatives. Determine which alternative is preferred for lives ra..
Weights of newborn babies in the United States are normally distributed with a mean of 3420 grams and a standard deviation of 495 grams. A newborn weighing less than 2200 grams is considered to be at risk. What fraction of newborn babies are in the “..
While sitting in your office one evening, you begin to think about some of key microeconomic messages you want to communicate to Board. Find equilibrium quantity and price.
Why is it so important in terms of today's monetary policy? And what is a "retention pond", why and when was it formed?
To prevent the dollar from declining in the foreign exchange market, the central bank implements a
Assume that, in autarky (pre - trade), an economy has 150 workers and the MPLC is two cars and the MPLB is five boats. Find the autarky (pre – trade) relative price of cars in this economy. Suppose that: In Malaysia the unit labor requirement to prod..
What income is required for you to achieve this utility when your utility function and the prices of Y and X are as follows:
Suppose the own price elasticity of demand for good X is -5, its income elasticity is -3, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is 5. Determine how much the consumption of this good will chang..
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