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The market for pizza has the following demand and supply schedules:Price, Quantity demanded, Quantity supplied$4, 135, 39$5, 104, 53$6, 85, 60$7, 68, 68$8, 53, 78$9, 39, 85Suppose the government decides to tax pizza by $3 (raises supply curve by $3).a. Draw the demand and supply curves, before and after the tax.b. What will be the CS, PS, tax revenues and deadweight loss?c. Suppose the government increases the tax to $4 per unit. What will be the new CS, PS, tax revenues and deadweight loss?
Consider the same two firms as above with marginal costs 10 and 40, facing a demand p = 100 - q. a. Find the market price and quantities produced if firm 1 moved first, followed by firm 2 b. Find the market price and quantities produced if..
Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $75 million to $150 million between one year and the next. Assuming that the price of gold increased by 100 percent over the same period.
(i) Calculate quantity demanded. (ii) Calculate the price elasticity for demand. Is demand elastic, inelastic, or unit elastic (iii) Calculate the income elasticity of demand. Is the good normal or inferior
During the last 5 years, there has been an increase in the amount food that people are growing in their gardens. Use marginal cost- benefit analysis and the concept of opportunity cost, explain what could have changed the choice.
Assume that two companies (C and D) are duopolists that produce identical products. Demand for the products is given by the following linear demand function: P = 600 Â- Qc- Qd Where Qc and Qd are the quantities sold by the respective firms and P i..
You enroll in a thrift plan in which you are allowed to contribute 8% of your pretax salary per year. The company contributes an additional 6%. Your starting salary is $62,500 and you can expect annual increases of 3.5%. Use an interest rate of 7...
The table below shows the total cost of cleaning classrooms at various outputs: 5. Classrooms cleaned per evening 0 3 4 7 8 12 13 16 17 Total cost $100 $200 $240 $300 $330 $400 $440 $500 $600 a) Calculate fixed and variable costs of cleaning 0, 3,..
The following Cobb-Douglas production function is used to describe the output generated by a local government maintenance agency. Q = L1K2E3 Where L represents number of worker hours, K represents number of trucks used, and E represents energy use..
An income-producing property has an annual gross rent income of $1,000,000 and annual expenses of $300,000. Every 5 years, the parking lot need to be re-surfaced at $60,000 and every 10 years, the rood will have to be maintained at $40,000.
Suppose that the Phillips curve is given by ft-?t^e= 0.1-2ft where ft^e=ft-1 Suppose that inflation in year t-1 is zero. In year t, the authorities decide to keep the unemployment rate at 4% forever. 1. Compute the natural rate of unemployment
Your parents will retire in 23 years. They currently have $240,000, and they think they will need $1,600,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds
different types of consumers value your two products differently, but you are unable to identify these consumers individually at the time of the sale. In particular, you know there are three types of consumers (1,000 of each type).
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