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The city of Cabernet is very famous for its production of wine. The inhabitants of the city have an aggregate demand for wine that can be described as follows:
D(p) = Qd =150-2p
where Qd is the demanded quantity in bottles of wine and p is the price in euros per bottle. The producers' aggregate supply is:
S(p) = Qs =13p-15
where Qs is the supplied quantity in bottles of wine. The city produces only one quality of wine.
a) Find the equilibrium price and quantity.
b) Compute the consumer and producer surplus, as well as the total welfare in the city of Cabernet.
The municipality of Cabernet decides to put a tax of €7.50 on every bottle of wine sold.
c) Compute the new equilibrium price and quantity and calculate the allocative inefficiency.
d) Assume that the municipality equally redistributes tax revenues to the inhabitants. Are they better off compared to the situation before the tax was introduced?
The demand equation for champagne is given by P = 10 - Q. The supply schedule for champagne is given by P = Q. Note that P denotes price per bottle in dollars, and Q is quantity me
In 2007, based upon the Survey of Household Spending of 2005, Statistics Canada announced the following weights for the major spending categories tracked by the CPI.
Explain the trade-off between equity and efficiency. Identify how individuals and organizations are likely to change their behavior as a result of government actions.
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The original data values cannot be determined once they are grouped into a frequency distribution channel?
On the day his son was born, a father decided to establish a fund for his son's college education. The father wants the son to be able to withdraw $4000 from the fund on his 18th b
The production function is Q=3LK
the uses of production function
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