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Question: In 2002, New York City increased the tax rate on cigarettes from 8 cents a pack to $1.50 a pack. A month after the increase, a spokesman for the mayor noted that "fewer cigarettes are being sold, and the city is making more money [Cooper. 2002, p. BM Assume for simplicity that the supply of cigarettes to New York City is perfectly elastic
a. Assuming that the spokesman facts am comet, what must be true of the elasticity of the demand for cigarettes in New York City?
b. Recall that the spokesman comment was made just one month after the tax increase was enacted. As more time passes, what do you expect to happen to the elasticity of the demand curve, and how will this affect tax revenues for New York City?
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Anton's Coffee Shop has a return on assets of 12%. Anton's assets = $100 while Anton's owner's equity = $40 and its debt equals $60. What is Anton's return on equity?
Your friend is considering buying a patio heater for her pub. She thinks that she can extend her patio season by several weeks and make more money. The patio heater costs $2000 but will increase beer profits by $525 per year. If the patio heater has ..
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Owners should take their machines to the store where they purchased them. These stores have been notified and already have a supply of the replacement needles. The needle can be replaced while the customer waits. Alternatively, users can ship thei..
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