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1. Suppose the price of a pack of cigarettes is $30 and the cigarette consumption is 100,000 packs a day. The government now introduces a consumption tax of $10 on cigarettes. Cigarette consumption decreases to 80,000 packs a day. Assume that the demand for cigarettes is not perfectly inelastic. Draw on a single graph the original demand and supply curves and the new demand curve facing the producers, the price paid by the consumers and the price received by the producers. Label your graph accordingly. Will the price paid by the consumers be above, below, or equal to $40? Explain.
2. a) John always spends 10% of his income on buying CDs. What is his income elasticity of demand for CDs? Explain your answer.
b) Suppose John’s preference (taste) changes and he decides to always spend 20% of his income on buying CDs. What will happen to John’s demand curve for CDs? What will happen to his income elasticity of demand for CDs? Explain your answer.
Illustrate what greens fees should the operator set on weekdays and how many rounds will be played.
A firm finds that at an output level of 7 units, its total cost is $1834; at 8 units of output, its cost is $2048. measuring economies of scale calculate the value of S for this firm at 8 units of output. Are there economies of scale at 8 units of ou..
For a monopolist, if price is above average total cost, the monopolist is...
The existing equipment will be sold for $6,000. Illustrate what is the first cost that should be used.
Consider a project that will bring in upfront cash inflows for the first two years but require paying some money to close the project in the third year. A0 = $ 6,500 A1= $ 4,500 A2 = $ -13,000 This is a simple borrowing project. Determine the borrowi..
Why Is government intervention needed for our economy to run well. If Xavier keeps the tutor until his grade actually begins to fall, his marginal utility will be.
Suppose that the American Heart Association has determined that pistachios are extremely heart healthy and can lower bad cholesterol levels. Is the information likely to cause a shift in demand or supply? What will happen to price?
In class we discussed how companies go about making decisions related to important purchases. One method of making an informed purchasing decision is total value sometimes call life-cycle costing. You are a sales person for Sherwin-Williams and sell ..
Which of the following statements is least true regarding the accumulation of power?
Identify a few ads for brands that have been endorsed by celebrities. What is the effect of the celebrity’s attractiveness, likeability and meaningfulness on the customer perception of the brand?
Adam Smith discussed how nations could benefit from trade, known as absolute advantage. What was David Ricardo’s improvement on Smith’s theory? How does it differ?
The market equilibrium wage is currently $12 per hour among hairdressers. At that wage 17,323 hairdressers are currently employed in the state. The state legislature then sets a minimum wage of $11.50 per hour for hairdressers. If there are no change..
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