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Suppose the equilibrium price for a life-saving surgical procedure (inelastic demand) is initially $10,000. Now suppose that a law is passed which requires hospitals (the suppliers of the surgical procedure) to pay a $1,000 per-unit excise tax on each procedure performed. Using a competitive supply/demand diagram of the ‘life-saving surgical procedure’ market and brief verbal descriptions, explain the legal and economic incidence of this per-unit excise tax. Make sure you make correct and adequate labeling.
The reliance on short-term foreign capital inflows in Asia preceding the financial crisis
Suppose an individual is currently buying 10 CDs a year at a price of $10 (per CD). The price of CDs then goes up to $15 each but she simultaneously gets an after tax raise of exactly $ 50. Assuming NO other price changes, determine the well being..
Assume that the marginal product of labor is: MP=100-L, L is the number of workers hired. You can sell the product in the marketplace for $50 per unit, the wage rate for labor is $100. How many workers should I hire.
Which of the following would be a deadweight loss from a tariff? select one the shift of consumer surplus to government the increase in producer surplus the decrease in consumer surplus
If a political candidate said that if she were elected to Congress, she would work toward cutting federal government spending by one-third over the next four years, would she stand much chance of fulfilling her promise? Why or why not? Discuss the pr..
The governor is attacking the new traffic rules. His views are wrong because he was given a speeding ticket last week.
Illustrate what will be total effect on M3 money supply. Explain illustrate what steps can be taken by Fed to reduce M3 money supply in economy.
Who benefits from a tariff or quota. Who loses. Illustrate what are positives and negatives of protectionist trade policies on federal government's part. Which policy is best right now.
The Federal Reserve purchases $1 million in U.S. Treasury bonds from a bond dealer, and the dealer's bank credits the dealer's account. The reserve ratio is 15 percent. Assuming that no currency leakage occurs, how much will the bank lend to its cust..
Compute the new equilibrium wage and the new number of jobs. Will the number of jobs increase or decrease.
how much would the original $20,000be worth in three years? What is the present value of the $25,000? Which option should Howard choose?
Suppose an ASU student sampled 50 students to estimate the proportion of students that favor Billy Big time for Student Body President. The student calculated a sample proportion of .38 and a 95% confidence level that had a margin of error of .02. Wh..
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