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Suppose the government institutes a tax on soft drinks. Assume that short-run and long-run demand curves are the same, while the long-run supply curve is more elastic than the short- run supply curve. Compare the tax incidence in the short run to the long run.
In the market for widgets, two firms sell identical products, compete by choosing the price at which they sell their product, and choose their prices at the same time. What will the equilibrium price and quantity be relative to what would occur if th..
Think about all the economic data that are reported in the news every day. The information from all of them may be relevant, but does a policymaker really need to know any more about the state of the economy than the level of output and the inflation..
q.what are your predictions for the economy of thrifty peg based on the following policy scenario1. suppose the
Why are externalities referred to as "market failures?" Does the market system actually encourage this behavior? Identify two possible solutions to externalities.
jane works part-time and earns 12000 per year. because she is below the poverty line she also earns 4000 in various
A second reason the government may impose a tax is to reduce consumption of a good. Such taxes are known as sin taxes. Some argue that we should make some drugs legal and tax them in order to raise tax revenues for the government. Given what you know..
In the auction described above, suppose that you could entice additional bidders to attend your auction. However, none of the new bidders would have a valuation greater than $3.0 million.
Suppose that doctors’ visits cost $20, and the typical consumer has an income of $100. Consumers spend all of their incomes on doctors’ visits and a “composite good” that costs $1 per unit. Draw a graph that illustrates the consumer’s budget constrai..
One of the three ADM executives was actually an informant who tipped off the Feds about this conspiracy. Which executive was he. Why did he rat out his co-workers.
Along a short-run aggregate supply curve, a decrease in the price level means that
Suppose the market demand for boxes of cigars is given by P = 100 – Q. There are two firms, A and B, producing cigars, each with the same constant MC of €5. If the firms: a. Collude and divide the market equally between them, how many boxes of cigars..
Using demand and supply analysis, briefly discuss the effect of each of the following on the market for cigarettes:
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