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A country which does not tax cigarettes is considering the introduction of a $0.40 per pack tax. The economic advisors to the country estimate the supply and demand curves for cigarettes as: QD =
140,000-25,000P QS = 20,000 + 75,000P,
where Q = daily sales in packs of cigarettes, and P = price per pack. The country has hired you to provide the following information regarding the cigarette market and the proposed tax.
Calculate the deadweight loss from the tax. Could the tax be justified despite the deadweight loss? What tax revenue will be generated? (Answer should include graph).
Describe what occurs to American imports and exports when the U.S. dollar is strong. Describe what occurs to American imports and exports when the U.S. dollar is weak.
In the most recent recession of 2008 and 2009, the United States saw a declining GDP, rising unemployment, and, sometimes, deflation. Please describe these variables during the 2008 and 2009 recession and in the subsequent years. What type of fiscal ..
How does virtue theory apply to both the decision maker and the act under consideration by that party? Explain.
Show that if this is true (ie that both factors of production are 'rewarded' according to their marginal products) and we add together the total value of real income to all units of labour and the total value of real income to all units of capital..
In a 100% socialist structure, the owners would be faced with what challenges? hey lose the opportunity to make and hold onto extreme profits. They assume all the financial risk if their businesses fail. They no longer can change careers because they..
What is a disadvantage(s) of setting up a private option in the Beveridge model?
Parker Products manufactures a variety of household products. The company is considering introducing a new detergent. The company’s CFO has collected the following information about the proposed product. What is the net present value of the proposed ..
If the increase in the money supply as being analogous to giving people more money. If the output of goods and services is not growing at a similar rate, inflation will eventually occur. According to PPP Theory, what will happen to the U.S. dollar? W..
Determine which of the two investment projects a manager should choose if the discount rate.
What is your monthly interest rate and what is your annual effective interest rate? If you have an outstanding balance of $1,800 on that card what would be the balance if you skipped 4 months payments (ignore credit card fees and penalties)
Explain the paradox of why new cars usually lose a large fraction of their market value the moment they are driven from the showroom. Identify the economic principle that explains this paradox.
For each of the following costs, decide whether or not it is a fixed cost or a variable cost for the firm in the short-run. Provide a brief argument for your classification of the cost. A one-year lease on the building in which the building is locate..
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