Will sales of whiskey rise or fall, and by what percentage

Assignment Help Microeconomics
Reference no: EM13337777

The price elasticity of demand for imported whiskey is estimated to be -0.20 over a wide interval of prices. The federal goverment decides to raise the import tariff on foreing whiskey, causing its price to raise by 20%. Will sales of whiskey rise or fall, and by what percentage amount?

Reference no: EM13337777

Questions Cloud

Determine the force exerted by the muscle : A soccer player extends her lower leg in a kicking motion by exerting a force with the muscle above the knee in the front of her leg. What is the force exerted by the muscle if its effective perpendicular lever arm is2.00 cm
Product led to an associated decrease in mcgwires average : In 1998, Mark McGwire hit 70 home runs while playing for the St. Louis Cardinals. In 1999, McGwire hit 65 home runs. This decrease in marginal(home runs per season) product led to an associated decreas
Find the tidal force exerted on your body by the black hole : The magnitude of the tidal force exerted on an object of mass m and length a is approximately 4GmMa/r3. find the tidal force exerted on your body by the black hole
What are the current prices of capital and labor : Suppose that the price of labor increases, if the firms wishes to continue to produce the current level of output how will the firms optimal input choice change (relative to its current choice)? Support your answer with graph.
Will sales of whiskey rise or fall, and by what percentage : The price elasticity of demand for imported whiskey is estimated to be -0.20 over a wide interval of prices. The federal goverment decides to raise the import tariff on foreing whiskey, causing its price to raise by 20%. Will sales of whiskey rise or..
Evaluate the value of go in kj for the reaction : Given the values of ?Gfo given below in kJ/mol, calculate the value of ?Go in kJ for the reaction at 298 K.: 3 NO2(g) + H2O(l) => 2 HNO3(l) + NO(g) ?Gfo (NO2) = 51.0 ?Gfo (H2O(l)) = -235.3 ?Gfo (HNO3) = -81.7 DGfo (NO) = 86.8
Define what pressure will it exert at 18.2l and -11 degree c : If a gas occupies 22.2L at 825mmHg and 35 degree C, what pressure will it exert at 18.2L and -11 degree C
What are the major determinants of a product : What are the major determinants of a product's price elasticity of demand? Studies indicate that the demand for Florida oranges, Bayer aspirin, watermelons, and airfares to Europe are elastic. Why?
Determine what the u.s. should do to ensure the availability : Determine what the U.S. should do to ensure the availability of strategic materials in which it has a comparative advantage. Explain your rationale.

Reviews

Write a Review

Microeconomics Questions & Answers

  Question about government policies

Explain a political, economic, or social interaction of decision makers that you have heard about in words. The condition should involve decision makers, available actions

  Is the marginal social cost of the activity greater

Is the marginal social cost of the activity greater than or equal to the marginal cost to the individual Consequently, without intervention, will there be too little or too much(relative to what would be socially optimal) of this activity

  Are corporate executives better described as risk averse man

One of the reasons Joseph SchumPeter argued that capital was doomed was

  Imports attractive products for domestic sales

Write an introduction that states the purpose of the document; the name of the fictitious company, its location, and its import strategy; and a summary of the subjects that will be covered in the plan.

  Determine which is pareto efficient to have economy produce

An economy is currently made up of a firm that produces bread, a firm that produces butter, and a consumer who consumes both bread and butter. Current production is 100 units of bread, 50 units of butter which the consumed by the consumer.

  What economic advantages and disadvantage were in canal

1) If it costs more energy to recycle than to dispose, shouldpeople be incourage to recycle 2) Oregon Forrest Restoration Act requires a logging companythat cuts a tree, must plant 3 to replace it. Why do you think mosteconomist saythis law is not..

  Hasbro is willing to pay for this service

Hasbro is approached by a savvy economist who has figured out a way to identify each market and segregate them. The demand from bronies and little girls is as indicated above.

  Explain what is an inverse relationship

Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship How does it graph What is a direct relationship How does it graph Graph and explain the relationships (other things equal) you woul..

  Evaluate the impact of price cut

How much would Wyandotte have to reduce the price of polyol to achieve a 15 percent increase in the quantity sold? Evaluate the impact of such a price cut on(i) total revenue, (ii)total costs, and (iii)total profits.

  How the demand for sugar is elastic

When the price of sugar was "low," consumers in the United States spent a total of $1 billion annually on its consumption. When the price doubled, consumer expenditures actually increased to $3 billion annually.

  Changes in isoquant and input prices

A nation has a fixed amount of Capital and Labor which lies on aggregate isoquant when all inputs are being used efficiently.

  How elasticity or inelasticity of supply determines wages

Immigration is a fact of life in the United States. This will lead to a big boost in the labor supply. What field would you rather be in: A field where the demand for your kind of labor is elastic or a field where the demand for your kind of labor..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd