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Bob places a $10 value on a glass of red wine, and Keith places an $8 value on it. If there is no tax on glasses of red wine, the price of a glass of red wine reflects the cost of making it. The equilibrium price for a glass of red wine is $6. Suppose the government levies a tax of $3 on each glass of red wine, and the equilibrium price of a glass of red wine increases to $9. What is total consumer surplus after the tax is levied? ( $4 ? $6? $3? $1?)
What level of output should you produce in the short run?b. What price should you charge in the short run?
Elucidate using a graph why the change in real GDP is likely to be smaller than the shift in the aggregate demand curve.
In the Jehle and Reny textbook (which I should add I have not read much of beyond a few sections of interest), a theorem stating that there is always a (mixed) Nash equilibrium in finite strategic form games is proven. Similarly, I would also suspect..
Illustrate what is the firm's average total cost of producing 100 units. Illustrate what is the firm's average total cost of producing 101 units.
Illustrate what type of organization has a high fixed cost and low variable cost balance to run its operations. Discuss the balance of fixed and variable costs for the organization.
Find the equivalent of present worth (t = 0) of a uniform series of $4550 for 8 years, if the payment is made every 12 months, starting 6 years from now. Assume the interest rate is 12% per year, compound continuously.
Judged in terms of the mechanisms used to allocate resources, the former USSR was
Suppose that Bill, a resident of the U.S., buys software from a company in Japan. Explain why and in what direction this changes U.S. net exports and U.S. net capital outflow.
What is the relationship between price and marginal utility?
In which of the following cases should the United States produce more noodles than it wants for its own use and trade some of those noodles to Italy in exchange for wine.
Short-run aggregate supply curves reflect an inverse relationship between the price level and the level of real output. The long-run aggregate supply curve assumes that nominal wages are fixed. In the long run, an increase in the price level will res..
What are some potential problems that could arise when dealing with claims filing process in Healthcare Reimbursement?
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