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Q1. A Fenway park, home of the Boston Red Sox, seating is limited to 39.000. Hence, the number of tickets issued is fixed at that figure. Seeing a golden opportunity to raise revenue, the City of Boston levies a per ticket tax of $5 to be paid by the ticket buyer. Boston sports fans, a famously civic-minded lot, dutifully send in the $5 per ticket. Draw a well-labeled graph showing the impact of the tax. On whom does the tax burden fall-the team's owners, the fans, or both? Why?
Q2. In the text we assumed that the condominium purchasers came from the inner-ring people-people who were already renting apartments. What would happen to the price of inner-ring apartments if all of the condominium purchasers were outer-ring people-the people who were not currently renting apartments in the inner ring?
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
George and John, stranded on an island, use clamshells for money. Last year George caught 300 fish and 5 wild boars. John grew 200 bunches of bananas.
Discuss the policies that Keynes as well as Hayek supported regarding how federal government ought to manage economy. What are differences between each school of thought.
Why do proponents of active policy recommend government intervention to close an expansionary gap. Some economists argue that only unanticipated increases in the money.
Quantity, whole revenue and profit when company charges different price in each market and exploits its total profit.
Illustrate and explain the movement of the aggregate demand and aggregate supply curve both in the short and long run.
Caught up in broad social and economic disaster that swept the Mediterranean basin during the twelfth century BCE, what seems to have happened to the civilization of people.
Consider a small economy in which consumers buy only two goods pies and tarts. In order to compute the consumer price index for this economy for two or more consecutive years.
The fact that a percentage of the interest income paid by one corporation is excluded from taxable income has encouraged firms to use more debt financing relative to equity financing.
Which of these same curve would shift as a result of the per-burger tax. Curves average fixed cost,marginal cost would shift as a result.
What data the organization needs in order to make good decisions and how the use of macroeconomic indicators enables organizations to improve their forecasts of the key decision-making data.
What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.
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