Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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 measured in thousands per week.
a. Use algebra to find the equilibrium price of champagne, the equilibrium quantity traded, and the total revenue of champagne makers.
b. Now suppose the government imposes a per unit tax on champagne of $2 per bottle. That is, each time champagne producers sell a bottle of champagne they have to pay the government a tax of $2. What is the new supply equation with the tax?
c. What is the new equilibrium price and quantity with the tax?
d. How much of the $2 tax is paid by the consumers? How much of the $2 tax is paid by the producers?
e. Show the effect of the tax in a diagram by graphing the original demand and supply equations and then drawing in the supply equation after the tax into the same diagram. Indicate the equilibrium price and quantity before and after the tax. Also indicate the net price per bottle after the tax (i.e. the price received by the producers once they have paid the tax).
f. Use the diagram to calculate the deadweight loss from the tax.
g. How much revenue does the government raise from the tax?
I need some help organizing an outline for a 5000-6000 word paper. What I am asking for is ideas on how to best organize this topic: "Should Government do it all? Can outsourcing t
what is the role of advertising in baumol''s model?
1 .Use the concepts of sampling error and z- scores to explain the concept of distribution of sample means. (this is a paragraph answer needed) 2. Describe the distribution
Ask question #The market demand for brand X has been estimated as Qx=1500-3Px-0.05I-2.5Py+7.5Pz Where Px is the price of brand X, I is per-capita income, Py IS the price of brand Y
Suppose the country club bills based on a sample of 4 members are: 358, 958, 665, 846. What is the standard deviation for this sample of bills? (please round your answer to 1 decim
Price Mechanism Price mechanism is the point, which equilibrates supply and demand within a market. It is a mechanism of pricing. The price mechanism is one, which permits the p
Define the monopoly of Central banks The central bank has a monopoly on issuing currency, it is in complete control of the monetary base. In section 7.4.2 we will describe exac
What was the total public debt outstanding on the same day in 2000? What was it in 2008?
Crowding out would most likely occur when: A. the Congress enacts budget cuts to balance the budget. B. workers lose jobs as a result of anti-inflationary fiscal policies. C. the f
Properties of indifference curve: Property I: Higher indifference curve gives higher utility. Explanation: Since all goods are non-satiated, larger consumpti
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd