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Suppose the local market for cigarettes is made up of the following people.
Type A: QA = 20 - P
Type B: QB =30 - 2P
Type C: QC = 40 - 5P
And there are 10 of Type A, 5 of Type B, and 5 of Type C.Supply is given by Qs = 47P - 94a)
Given this information, find the market clearing price and quantity (P* and Q*), as well as Total Surplus.
b) The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
c) If the government was interested in maximizing tax revenue, what size tax must they impose on sellers?Q2.An individual has a utility function U = XY2a) When income is $36, how much X and how much Y can this person afford if PX = $3 and PY = $4?b) What will be the utility maximizing bundle of X and Y?c) If the price of X rose by 10% and the price of Y fell by 10%, would this person be better off?
The Smith's Company's marketing manager has determine that the price elasticity of demand for its product equals -2.2. According to the studies he has performed, the relationship between the amount spent by firm on advertising and its sales as fol..
Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year? Using this information, compute the own-price elasticity of your demand.
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
Calculate both Macaulay and modified durations of the 8-year, 8.5% coupon bond given a flat yield curve at 10% and explain why zero coupon bonds have a higher Macaulay Duration than coupon paying bonds of the same return.
Calculate the price that the Plaza Movie House will charge for admission to movies in the long run and what will be the number of patrons per day at that price?
What will the economic impacts of maintaining lower CO 2 emissions in the aggregate for the Turkish economy?
This briefing is particularly important because of the global financial crisis that began in 2007. The briefing is required to provide more foundation for the finance team because they are not well versed in international aspects of finance.
What are some things that would affect changes in supply? How can quantity demanded be changed and what if the government raised the minimum wage. How would this policy effect your firm?
Indicate whether each of the following statements is true or false and explain why. a) A competitive firm that is incurring a loss should immediately cease operations.
Construct a scatter graph showing the advertising and sales relationship over the last twelve months and using multiple regression, conduct an analysis of the firm's sales revenue, consumer incomes, and advertising.
Trade Restrictions Effects on Exchange Rates. Suppose that the Japanese government relaxes its controls on imports through Japanese firm.
Define the term Consumer surplus, Gien good and Income elasticity of demand using graph and equation.
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