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The following shows the demand function for marijuana: Q = 2,000 – 4P + 2PC - 0.2I where Q = units of marijuana P = Price of marijuana PC = Price of cigarette I = Income level Marijuana is selling at a price of $100.
The price of cigarette is $50. Income level is $5,000. a. Find the price elasticity of demand for marijuana at the market equilibrium. b. Recently, the police cracks down a major marijuana supplier. A commentator suggests this will increase the crime rate.
Support this view based on the answer in (a).
c. Find the cross price elasticity between marijuana and cigarette. Interpret the result. d. Suppose the government increases the tax on cigarette such that its price soars by 20%.
Calculate the impact on the sales volume of marijuana.
e. How will the sales volume of marijuana change during economic recession? Explain.
There are literally several elected officials across the U.S. at the local, state, and national levels. The 2-major political parties remain as important to election and reelection of public officials today as ever before.
From the scenario, assuming Katrina’s Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
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Rcognize the three phases of production and describe why the firm short run production has only one rational stage of production.
An economist for the widget company estimated following short term production function. Compute the AP and MP mathematically and identify the three stages.
4.The opportunity cost of producing one more hot dog is $1.00. The price of a hot dog is $1.50. The producer surplus from selling one more hot dog is,The demand curve for hamburgers is the same as the,Markets may not achieve an efficient allocation..
If the price level is above the equilibrium price level, how does the aggregate quantity of goods and services demanded compare to the aggregate quantity of goods and services supplied at the price level? Is this a condition of equilibrium? If no..
Using the Keynesian cross model, draw a graph to illustrate and explain what will happen in an economy when planned aggregate expenditures are greater than real GDP (i.e., A.E. > Y). How is equilibrium achieved in this economy
Evaluate arc price elasticity of demand between prices of $4 and $6 and compute the point price elasticity at the price of $6 state the significance of the coefficients.
Total cost and total variable cost are parallel, yet average total cost and average variable cost are not parallel. Demonstrate mathematically that ATC and AVC are not parallel.
Through what channels does monetary policy affect the economy? That is, what are the monetary policy transmission mechanisms? List first them, then clearly describe two of these channels.
Starting from short-run equilibrium, the following occurs: personal income taxes rise and foreign real national income rises. What is the effect on the price level, Real GDP, and the unemployment rate in the short run
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