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When the price of wine is $10 per bottle, Tom purchases 30 bottles every month. Later, the government introduces a 50% tax on all alcoholic beverages, which is to be completely borne by consumers. This reduces Thomas's consumption to 16 bottles of wine a month. (1) What’s Tom’s arc elasticity of demand? (2) After the implementation of the tax, what happens to Tom’s expenditure on wine? (3) Why?
Maria consumes two goods, strawberries and other goods. Because of her exquisite taste, she buys her strawberries from a particular vendor. Her preferences over other goods y and strawberries x is characterized by a utility function U(x, y) = x + y, ..
Illustrate what impact on quantity demanded and supplied for new cars will be as a result. Used demand and supply diagram and clear explanation.
You are shown four envelopes. Envelope A contains $1,500; envelopes B, C and D contain uncertain amounts of money but with the following probabilities: Envelope B -- $5,000 with a 10 percent probability, $1,500 with an 89 percent probability, and $50..
Suppose that an impending environmental regulation to control the hazard of premaure death from 5/100,000 to 1/100,000 per year in exposed population of five million people. What is the maximum this regulaion could cost and still have benefits be at ..
Write down the different costs associated with putting on an NFL game. Classify these costs as either fixed costs or variable costs. Assume that a single playing season constitutes the short run.
q1. the price of good is 1.20 per unit also annual demand is 800000 units. market research indicates that an increase
Suppose a wage increase from $19 to $21 an hour increases the number of job applicants from 50 to 64. What is the price elasticity of labor supply?
Consider two neighbouring island countries called Bertland and Ernamia. They each have 4 million labor hours available per week that they can use to produce wheat, clothing, or a combination of both. The table below shows the amount of wheat or cloth..
A firm has $1,900,000 in sales, a Lerner index of 0.55, and a marginal cost of $50, and competes against 800 other firms in its relevant market. What price does this firm charge its customers? By what factor does this firm mark up its price over marg..
Unemployment: Suppose that there are 500 workers in the economy and the labor demand function is given by: LD = 1000 − 10 W P. Find the equilibrium real wage. Suppose that Congress institutes a minimum real wage of $40 per hour. Find the level of une..
illustrate what kind of policy would you recommend to slow population growth.
What could be the full increase in real GDP from the change in government spending assuming that the aggregate supply curve is horizontal across the range of GDP being considered.
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