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Suppose that the U.S. government decides to charge cola consumers a tax. Before the tax, 25,000 cases of cola were sold every week at a price of $7 per case. After the tax, 18,000 cases of cola are sold every week; consumers pay $8 per case (including the tax), and producers receive $5 per case.
The amount of the tax on a case of cola is $____________per case. Of this amount, the burden that falls on consumers is $__________per case, and the burden that falls on producers is $_________per case.
In addition categorize the level of elasticity of a product or service of your choice from real life depends on what you know happens to the percentage change in quantity demand when the price changes.
"When in Rome, do as the Romans do". Would this be a suitable guideline for MNC's (multinational corporations) doing business in developing countries with respect to ethical practices and social responsibility? Discuss.
How will this affect the firm’s profit maximizing use of coal and output? d) What is the advantage and the disadvantage of placing a tax on the burning of coal to reduce global warming?
Draw the MC cure for Guns in terms of the production of butter. If the economy produces 3000 guns per day, how much butter can it produce per day.
Derive an expression for average cost. Derive an expression for marginal costs. Is there any range of production characterized by scale of economies. Elucidate what production level are scale economies exhausted.
A machine costs $20,000 and has a 5 year useful life. At the end of the 5 years, it can be sold for $4,000. If annual interest is 8%, compounded semi annually, what is the equivalent uniform annual cost of the machine?
The country of G is a small, open economy. Suddenly, a change in world fashions makes the exports of G popular. Explain what happens to public and private savings, investment, net exports, the interest rate, and the exchange rate.
Which of the following statements best describes the concept of a binding price floor. Suppose that the equillibrium price of donuts is $1.00 per donut.
For each of the following cost-output relationship, describe the shape (U-shape, Decrease, increase, constant) of the average total cost and marginal cost function (C=total cost, Q = output).
________ refers to the additional revenue gained from selling one more unit.
What is the monopolist's profit under the following conditions? The profit-maximizing price charged for goods produced is $12. The intersection of the marginal revenue and marginal cost curves occurs where output is 10 units, marginal cost is $8, and..
Which of the following events may decrease market labor demand? Choose all that apply.
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