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Graphically illustrate the effects to total surplus of a per unit excise tax placed on an inelastic good. Make sure to clearly(i.e. remember our in-class rule for showing areas) denote which areas make the loss in consumer surplus, loss in producer surplus, the dead-weight loss, and the revenue generated from the tax.
The only way Sarah entertains herself is to go to the movies, where she always buys two bags of popcorn. Find Sarah’s demand functions for movies and popcorn. Find Sarah’s compensated demand function for popcorn and draw her ordinary and compensated ..
A company is considering the installation of a new machine that costs $150,000. The machine is expected to lead to new net income of $40,000 per year for the next five years. Using SL depreciation, $0 salvage value, and an effective income tax rate o..
You now should realize how important it is for economists to try and predict future conditions of the U.S. economy. Economists are also interested in the performance of the economy at a more local level. Discuss how local and national forecasts play ..
Mrs. Robinson has a key witness on auto safety that the judge believes is not qualified as an expert. The judge examines the witness while the jury is in the jury room and disqualifies him from testifying. The jury does not get to hear this witness. ..
Explain the main channels through which the Fed can influence economic activity. Which theory has provided a better model, Classical or Keynesian, when it comes to prediciting how money affects the macro economy? Explain
If the world had no borders, where would production happen? In the place where it could be done at lowest opportunity cost, benefiting us all? Why do the addition of artificial political borders change this self-evident distribution of production. Wh..
Petra leases a farmer's field for $40 a day and grows pineapples. She pays students $100 a day to pick pineapples and sheleases capital at $20 a day. The table gives the daily output. What is Petra's total cost and average total cost if she produces ..
Emphasis on immediate issues such as product features, functions, price, and performance in the personal selling process rather than on building a long-term bond with the buyer is part of a
The Health Reform Law (ACA) includes a provision to prohibit physicians having any ownership interest in “specialty” hospitals from receiving Medicare payment for any services they provide in such hospitals. Discuss the economic concepts of “economie..
Refer to situation. An economist would predict that onc e price controls were abolished in the spring of 1974,A) The price of gasoline would decline sharply B) The surplus of gasoline would vanish
Distinguish among microeconomics also macroeconomics also identify some relevant topics to each
Assume that government purchases decrease by $10 billion, with other factors held constant, including the price level. Calculate the change in the level of real GDP demand or each the following values of the MPC. Then calculate the change if the gove..
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