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Suppose that the demand curve for cigarettes is given by Qd = 50 ? P and the supply curve is given by Qs = P. The government wants to raise $300 in revenues by taxing the cigarette market. Calculate the amount of the excise tax required to accomplish the government’s goal.
Is the concept of a just price a positive or a normative concept? Why?
Please make a table in the above form but showing FC (fixed cost), VC (variable cost), AC (average cost), MC (marginal cost), MR (marginal revenue) and find the profit maximizing level of output.
adam smith rejected utility as a foundation for value. he illustrates this rejection in his famous diamonds and water
Supposre that there are equal numbers of each customer type, and that the MC of the iphone is $100."
q1. assume the unit cost for pogo sticks is 40 in north pogo as well as 8 in south pogo while the current exchange rate
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of..
David gets $3 per month as an allowance to spend any way he pleases. Since he likes only peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $0:05 per ounce) and jelly (at $0:1 per ounce). Bread is provided free of..
Forecasters predictions of inflation are notoriously inaccurate, so their expectations of inflation cannot be rational.
q.assume the demand and supply for wine within the u.s. areqd 100 - 20p u.s. demand curveqs 20 20p u.s. supply
What are the determinants of demand? What happens to the demand curve when any of these determinants change? What is the difference between change in demand and change in quantity demanded?
Explain how to measure the price elasticity of demand and supply and the cross-elasticity income elasticity of demand? Explain the elasticity of supply for gasoline?
each price rise reflected a reduction of the silver in the coins. Discuss critically.
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