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Imagine a world with two goods, food (F) and shelter (S), and two factors of production, labor (L) and capital (K). Assume that labor and capital can be employed in either sector of the econ omy (the food sector or the shelter sector) and that these factors are completely mobile across the two sectors. Assume that the total supply of labor and capital in this world is fixed. Finally, suppose that before any taxes are imposed, the food indust ry is labor intensive. a. Consider a partial factor tax on capital used in the food industry (t KF ). Which factor will bear more of the economic incidence of the tax? Explain your answer. b. How would your answer to (a) change if the food industry and the shelter industry had the same factor intensity (K F /L F =K S /L S )? c. How would you answer to (a) change if capital was immobile (in other words, if labor could not move across the sectors)?
What would happen to the demand curve if the major taxi companies lowered their prices? If you were asked to forecast future demand for this firm, how would you set up a forecasting model?
Use the AD/AS model to explain and show the current economic situation. Then suggest a fiscal approach to solve the current economic situation without adding any more debt. The current MPC = .80.
An emissions fee is paid to the government, whereas an injurer, who issued and held liable, pays damages directly to the party harmed by an externality. What differences in the behavior of victims might you expect to arise under these two arrange..
John Livingston is looking into the possibility of buying several coin-operated vending machines also placing them in the local hospitals.
Now illustrate what is the price elasticity of demand. Illustrate what is the cross-price elasticity of demand.
q1. the average variable cost per acre planted with wheat was 107 per acres. assuming a yield of 50 bushels per acre
an estimate of the demand function for household furniture produced the following resultsf 0.0036y 1.08 r0.16 p 0.48
What would the annual percentage change in velocity have to be on average for the quantity theory to hold.
The risk premium it charges on its loans is classified as profits in economics.
What is Nick’s MRS of swimming in terms of basketball? Do his indifference curves exhibit diminishing MRS or constant MRS?
Discuss the observation made recently by an undergraduate philosophy major that "the major international institutions are concerned with keeping the rich countries rich, at the expense of the poorer ones."
1. in recent years consumption spending by households has accounted for about 70 of the total spending aggregate demand
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