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If the government establishes a quantity subsidy on the consumption of a good, it means that the consumer has to pay for each unity of the good its price minus the subsidy. That is, the price of the good becomes, in the consumer’s point of view, p−s, where p is the price of the good and s is the subsidy. Suppose the budget line is given by p1x1 + p2x2 = m. The government decides to impose a quantity tax of t on good 1 and a quantity subsidy of s on good 2. What is the formula for the new budget line? Can you tell whether it becomes ?atter or steeper?
If a firm faces consumers who are very sensitive to prices,
Media specialists know that receivers engage in selective retention, and thus have to create broadcasts that will linger with impact. Which of these options are true according to the media research about how receivers information from mass media?
According to the BLS, the CPI rose 3.8% in August of this year compared to a year earlier. Food prices rose 4.6% and clothing prices were up 4.2%, while new car prices rose 3.8%, and medical care was up 3.2%. What percentage change in the CPI up unti..
A study of the costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: Determine the long-run average variable cost function for electricity generation. Determine the long-run margin..
sofa manufacturer presently is using 50 workers also 30 machines to produce 5,000 sofas a day.
Past history says that tomorrow's demand for lettuce averages 250 boxes with a standard deviation of 34 boxes. Explain how many boxes of lettuce should the supermarket purchase tomorrow.
At which interest rate will an individual be indifferent between receiving $50 per year every year forever (starting one year from now), and receiving $1000 today?
q1. how would keynesian solve a recessionary gap using personal tax rates increase or decrease government spending
Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there is a price floor of 2.94, what would be the consumer surplus in the market?
When an excise tax is collected from sellers of a product with relatively inelastic demand, which of the following occurs?
Pete’s Pie Shop is a perfectly competitive firm. If the total output of pies in Pete’s Pie Shop increases from 20 per hour to 30 per hour as he hires the second worker, then. Every time Pete makes another pie in his shop, he uses $1.20 worth of pastr..
Use an isocost-isoquant diagram to explain how a rm determines the least cost combination of labor and capital to produce a given level of output. What is true of the marginal product per dollar at the least cost combination of capital and labor? Why..
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