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Suppose demand and supply are given by:
Qdx = 14 - 0.5 Px and Qsx = .25 Px - 1
a) Determine the equilibrium price and quantitiy.
b) Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity.
c) How much tax revenue does the government earn with the $12 tax?
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By itself, the substitution effect of an increase in the wage rate will
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Suppose we have the following market supply and demand schedules for bicycles: Price Quantity Demanded Quantity Supplied $100 70 30 $200 60 40 $300 50 50 $400 40 60 $500 30 70 $600 20 80. Plot the supply curve and the demand curve for bicycles. What ..
Identify the long-run determinants of exchange rates and the short-run determinants of exchange rates. In a free market, what determines exchange rates in the long-run and the short-run?
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Clearly show on your graph the old equilibrium price and quantity and the new equilibrium price and quantity. Can you tell for certain whether the new equilibrium price will be higher or lower than the old equilibrium price?
When you first turn on or reset a PC the CPU immediately begins to execute or work application instructions
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