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Suppose the current price of gasoline at the pump is $4 per gallon and that one million gallons are sold per month in Texas. A local politician proposes to add a 10-cent tax to the price of a gallon of gasoline, and she claims that the tax will generate $1.2 million in extra tax revenues per year (1 million gallons × 10 cents x 12 months = $1.2 million). What assumption is she making about the elasticity of demand? Is the assumption
A movie monopolist sells to college students and other adults. The demand function for students is Qds=2000-25P, and the demand function for other adults is Qds=2400-25P. Marginal cost is $6 per ticket. Instructions:Round your answers to 2 decimal pl..
Could you please explain why long run supply curve can be downward sloping and implication for behaviours of price as demand increases over long run.
Elucidate a personal daily struggle that is an example of the law of noncontradiction and the challenges posed to your beliefs and decisions.
Many years ago, the traditional mortgage loan structure specified:
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar?
Assume that the market shares for antidepressants are as follows: Brand Market Shares Prozac 40% Paxil 25% Zoloft 25% others 10% (a) Calculate the Herfindahl-Hirschman Index (HHI) for the antidepressant market based upon these market share numbers.
q.in 1950s mahjong was illegal in taiwan. given the enjoyment of playing such a fun game this is surely inefficient.
Draw the US demand and supply curves for oil and indicate how much is imported in barrels of oil and its value per year.
What are monopolist's profit maximizing output and price. What is resulting deadweight loss relative to competitive outcome. Suppose government levies a specific tax of $5 per dose on monopolist.
Will the sales force and warehouse manager maximize ports.
Suppose the services of a road are subject to congestion after 50,000 vehicles per hour enter the road. Assume that it is feasible to price road services on an hourly basis. Create a graph similar to the one in Figure 4.2 of the textbook to show how ..
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
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