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Suppose that the demand curve (hundreds) for apples is given by Qd = 140 - 5P, where Qd is the number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 5P, where Qs is the number of pounds provided.
What is the equilibrium price? (Hint: At the equilibrium, quantity demanded and quantity supplied are equal, Qd = Qs.)
What is the equilibrium quantity supplied and demanded?
Calculate the consumer surplus at the equilibrium price.
Calculate the producer surplus at the equilibrium price.
Calculate the total surplus at the equilibrium price.
Now suppose that the government imposes a tax of $8 per each pound sold, paid by the producers. In this case, what are the price and the consumer surplus?
Annual percentage changes in real GDP (economic growth) and compute the shares in real GDP of consumption, investment, government spending, exports and imports. Estimate changes in economic growth and in the component shares.
Illustrate what assumptions do you make in answering this question. Illustrate what distortions do you think would appear in economy if such a tax were introduced.
What is contractionary fiscal policy? What is the purpose of contractionary fiscal policy? What are the possible contractionary fiscal policy solutions? What is built-in stabilizer in fiscal policy?
The volatility of the present floating exchange rate regime presents a conundrum for international business. Exchange rate movements are difficult to predict and yet their movements can have a major impact on the competitive position of business. Wha..
Eastman Kodak filed for a bankruptcy in January 2012. Using our analytical framework of nine areas of interest introduced in class explain the main causes of the company's misfortunes.
There is currently a surplus of allowances at the price of zero. What must be true of the relative positions of the market demand and supply curves? Explain. If the EPA were to allow firms to use allowances to emit sulfur dioxide as they did in the p..
A descriptive essay on “is there a "free-rider" problem associated with public goods and services? How does government address this free-rider problem? What are the necessary ingredients for a nation to experience greater rates of economic growth, hi..
Assume the current equilibrium price of cheese pizza is $10 also 10 million pizzas are sold every month. After the federal government imposes
Economists have estimated that cigarette smoking declines by 4 percent for every 10 percent increase in cigarette price. Several states have increased taxes by 100 percent on cigarettes to pay for improvements in education. Does this policy make sens..
She gets pleasure not only from her spending money but also from her leisure hours. Draw her budget constraint in leisure-expenditure space.
Identify the point on the budget constraint this worker has chosen. Explain how much is he working per day.
What do you think about a tax on soda and junk food just like there is "sin" tax on cigarettes and alcohol? Do you think this would work to deter parents and children from consuming so much soda and junk food? How can you use the concept of Elasti..
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