Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Measures of elasticity enhance our ability to study the magnitudes of changes in quantities in response to changes in prices (or income). This is especially important for policy, where the effectiveness of a tax depends, in part, on the elasticity of demand. We see this, for example, in the issue of “sin-taxes”, which are taxes on goods that have harmful effects, like sugar-sweetened beverages or cigarettes. Revenue from these taxes could potentially be used to reduce a budget deficit or to target spending for reducing public health costs associated with, say obesity or lung cancer. Explain the relationship between the elasticity of demand, the magnitude of consumer response, and the amount of revenue collected by the tax.
What is meant by the Consumption Possibilities of a country? How are Consumption Possibilities related to Production Possibilities in a closed economy? In an open economy?
The market price of hamburgers in a college town decreased recently, and the students in an economics class are debating the cause of the price decrease. Some students suggest that the price decreased because a new type of grill allows restaurants to..
Market that gives auctions, request for quote postings, and other features to firms that want to operate their own marketplace.
Suppose that in Year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each. The value of nominal ..
What actions did Congress and Supreme Court take to reduce monopoly power in late-19th century. How successful were these actions in regulating business activities.
John advertises his used car for $5,000 in the newspaper. He would be willing to sell his car for as little as $4,000. Bill values the car at $4,800 but offers $4,500 for it and John accepts. How much producer surplus is created by this trade? How mu..
For an interest rate of 12% and a lifetime of 10 years, which proposal should be selected? Calculate your answer in three ways: Using present worth on incremental investment
There are wide differences across countries in the share of health resources spent on drugs. Describe possible economic and non-economic factors that may contribute to the variation.
The banking system currently has $20 billion of reserves, none of which are excess. People hold only deposits and no currency and the reserve requirement is 10%. If the Fed raises the reserve requirement to 16% and at the same time buys $10 billion o..
Suppose there are two industries, airlines (A) and breweries (B), and that the demand for secretatrial labor, E, in each industry is EA = 25 – wA and EB = 20 – 2 wB. If the supply of secretarial labor is E = 2 w, then what are the equilibrium wage an..
Assume that a consumer has the utility function U(x,y) = (3x+1)y, where x and y represent the quantities of two goods, X and Y. For parts (a)-(h), assume that good X costs pX=$3 per unit and good Y costs pY=$4 per unit. “Wealth” and “income” have the..
Suppose the marginal product of labor is currently equal to its average product. If you were one of 10 new workers the firm was about to higher, would you prefer to be paid the value of your average product or the value or your marginal product? Woul..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd