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On the same graph, show the new budget line after the tax is imposed on gasoline. Use the after-tax price you calculated in Part A. Show the new utility maximizing bundle of gasoline and all other goods. What is the slope of the new budget line? What is the consumer's new MRS of all other goods for gasoline?
Given the following predictions for nominal wage increases and productivity growth, state your forecast for inflation (assume this is all the information available to make the forecast).
Dana's Doorsteps (DD) is a monopolist in the doorstep industry. Its cost is C= 10Q and demand is P = 30- Q.
Two identical firms face linear demand. Market demand is given by P=30-Q. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
Illustrate (Draw the graph) the following events with AS and AD shifts. Start with the initial graph then add the change to either the AS or AD.
Assume a 2 sector economy (where the two sectors are consumption and investment) where C= $100+ 0.9 Y and I=$50
Solve for the price and quantity that the monopolist would choose to maximize its profit under the more advanced technology. And also calculate the resulting profit.
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
Use the aggregate demand-aggregate supply model to illustrate graphically the short-run and long-run impact of this decline on output and prices.
You are a financial adviser to a U.S. corporation that expects to receive a payment of 40 million Japanese yen in 180 days for goods exported to Japan.
Illustrate in the graph below the deadweight loss (DWL) that would result if this monopolist were allowed to operate as a profit maximizing firm without regulation.
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