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The demand curve for gasoline is P = 200 - 10Q.
a. Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price changes or insensitive?
b. Suppose the current market clearing quantity sold is 8. The government is considering implementing an increase in the gas tax on each unit of gasoline to raise revenue. Assume that any change in the tax is passed on entirely to consumers in higher gas prices. Why, given your findings in (a), would you argue against an increase in the tax for the purposes of increasing revenue?
Graph the following example and answer the questions: The United States and Japan only produce two goods. They have the same fixed resources and they are equally efficient, and bo
demand: Qd=100=Px supply: MC=10+1/2Qs assume first that this firm operates in a perfectly competitive market. find the price and quanity in this market.
A spherical wave is reflected from a planar mirror sufficiently far from the wave origin so that the Fresnel approximation is satisfied. By regarding the spherical wave locally as
If demand goes down what happens to the equilibrium?
State the example of price and price level Create a basket which contains all the goods sold by a specific store on a specific day. Price of this basket is then a price level -
3. Which of the following would not be an expansionary fiscal policy? a.Increased welfare payments to the poor b.Decreases in federal taxes on corporations c.A balanced budget d.I
Assume there is a remote area in china with high population.The area is composed exclusively of apartments and is populated by low-income residents .The people tend to stay in that
What is the problem of central economic
"price makers" never want to produce in the inelastic part of their demand curve why
edge worth model
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