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Suppose the supply-and-demand schedules for cigarettes are as follows:
a. What are the equilibrium price and equilibrium quantity?
b. Now the government levies a $1.25 per carton excise tax on cigarettes. What are the new equilibrium price paid by consumers, the price received by producers, and the quantity?
c. Explain why it makes no difference whether Congress levies the $1.25 tax on the consumer or the producer. (Relate your answer to the discussion of the payroll tax in the text.)
d. Suppose the tax is levied on the producers. How much of the tax are producers able to shift onto consumers? Explain how they manage to do so.
e. Will there be any excess burden from this tax? Why? Who bears this excess burden?
f. By how much has cigarette consumption declined on account of the tax? Why might the government be happy about this outcome, despite the excess burden?
How to calculate the presence of Heteroscedasticity using the Goldfeld-Quandt test
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Assume that 60 students take a triangle test with Coke and Pepsi. Each student taste three glasses where two drinks are identical. The students have to find out which of the three glasses contains the different drink.
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A bank is offering aloan of $25,000 with a nominal interest rate of 18% compoundedmonthly, payable in 60 months. (Hint: The loan origination fee of2% will be taken out from the loan amount.)
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Which recession had the largest increase in the rate of unemployment? Begin with the month before the quarter in which output first falls and measure to the highest level of the unemployment rate before the next recession.
Suppose a consumer has an income of $1000 and faces prices Px = $5 and Py = $10. (a). Write the equation for this consumer's budget constraint. (b). Draw the budget constraint, placing Good X on the horizontal axis. Label it BC.
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