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Demand for fictitious good is Q=1200 - 2p. Suppose supply is Q= -600 + 2p.
What price will sellers receive after the tax is levied?
What price will consumers pay after the tax is levied?
What percent of the tax will be paid by the consumers?
What percent will be paid by the suppliers?
How many of the good will be sold after the tax is imposed?
How much consumer surplus do consumers get after the tax? What is the deadweight loss created by this tax?
The Texas Transportation Institute at Texas A&M University conducted a survey to determine the number of hours per year drivers waste sitting in traffic.
Identify a topic that you think is an important one for near-term research by environmental economists. What advances in knowledge would you hope emerged from it, and how could it be used to inform environmental policy? Be specific. And make sure you..
An increase in the price of product X causes a decrease in the quantity demanded for product X. One basic explanation for this is:
Supply and Demand in the Cell Phone Market. As wages increase for Apple Workers, what happens to the price and quantity of iphones? As the price of drone phones decrease, what happens to the price and quantity of iphones? If the government taxes cell..
For each of the following utility functions, calculate (or figure out) the MRS and sketch out an indifference curve for U=4, plotting at least 2 points on each curve, and explain whether the preferences violate the diminishing MRS or convexity of ind..
What Can George Steinbrenner Teach Us About Economies and Diseconomies of scale? From 1972-1976 the Oakland A's and Cincinnati Reds won all five of baseball's World Series Championships. Despite this amazing success, only 5 of those players went on t..
Preventive maintenance and services of a mining machine costs $8,000 per year. If the machine will be repaired every year for 6 years starting 3 years after purchase, calculate the 8-year equivalent series at 10% per year.
In an annual worth calculation, the capital recovery portion consists of all the following EXCEPT: The Mean lifetime is 5900 hours and the standard deviation of the lifetime is 700 hours. What is the probability that a component will function for a t..
plot the total, average, and marginal functions for both revenue and cost. [Note: Use a two-part graph similar to Figure 2.1 that places the total function in the upper part and the average and marginal functions in the lower half. What is true of th..
In The Symposium, Diotima says that women may be pregnant in body, while men may be pregnant in both body and mind. What does she mean by this? What is the difference between being pregnant in mind and in body? What are some examples of each type of ..
What price should the leader charge to drive all the small firms out of the market? Write the marginal revenue function of the dominant firm.
Other things equal, what effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram to show the expected effects of the equilibrium price level and the level of real output.
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