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Suppose market demand and supply are given in a perfectly competitive market for bushels of wheat by: Determine the equilibrium price and quantity. Show the equilibrium graphically. (Quantity can be in fractions of a bushel.) Suppose a $30 excise tax (tax on each unit sold) is imposed on the good. Determine the new equilibrium producer price, consumer price, and quantity. Indicate these items graphically. How much of the tax do the consumers pay per unit? (What is their tax burden?). How much of the tax do the producers pay per unit? (What is their tax burden?) With the $30 tax in place, what are the consumer surplus, producer surplus, government revenue, and deadweight loss? Indicate these items graphically
The foreign currency exchange market is a dynamic environment whereby the mechanism that determines currency exchange rates is well understood, if not easy to control. What ec
Two manufacturers supply MRI systems for medical imaging. St. Jude’s Hospital wishes to replace its current MRI equipment that was purchased 8 years ago with the newer technol
Evaluate the capacity of the most common distribution channels available for the new product launch to provide consumers with easier access to the product. Speculate on the ex
Delphin has developed a new video game that can be produced with two technologies having the costs Cα = 10 + 8Q and Cβ = 60 + 2Q . The alpha (α) technology is well known, whil
A monopolist has an inverse demand curve given by p(y) = 12 - y and a cost curve given by c(y) = y2. What will be its profit maximizing level of output? Suppose the government
Using the Internet or a newspaper, locate an article about a controversial environmental issue in your community. Create a critical response from a legal perspective to that i
In oral or English Auctions, the highest bidder wins but only has to outbid the second highest bidder. Does this concept make sense to you? What bidding experiences have you p
In the movie Princess Bride, the hero disguised as the pirate Westley is engaged in a game of wits with the villain Vizzini. Westley puts poison in either his own glass of win
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