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Let the market for cigarettes be characterized by the following information:
Qd = 70 – 5P [Demand]
Qs = 3P – 10 [Supply]
Suppose the government imposes a sales tax of $2 per unit. Answer questions.
1) Calculate the magnitude of the consumer surplus and producer surplus in the pre- tax equilibrium.
2) Calculate the tax revenue in the post-tax equilibrium.
3) Calculate the change in consumer surplus due to the sales tax.
4) Calculate the change in producer surplus due to the sales tax.
5) Calculate the Dead-Weight-Loss due to the sales tax.
If a contractor decides to deviate from this agreement, what would the optimal deviation be?b. Suppose that M = 10 and C = 1. For which values of "delta" is this a subgame perfect equilibrium of the infinitely repeated game?
Suppose two soft -drink bottling companies employ drivers whose job it is deliver cases of drinks to stores, restaurants, and businesses. One company pays its drivers an hourly wage and the other pays them by the number of cases delivered each day (w..
Write an essay on (or discuss) judicial activism. Present the arguments on both sides of the question as to whether judges should interpret or simply apply the Constitution. Provide more current examples (the current Supreme Court docket) and predict..
A city that is attempting to attract a professional football team is planning to build a new stadium costing $500 million. Annual upkeep is expected to amount to $1,000,000 per year. what will be its capitalized cost at an interest rate of 10% per ye..
Trace a copy of this diagram. Graphically depict the substitution and income effects. 2.2. Which effect is strongest? How can you tell?
Can the practice of price discrimination be considered universally fair or universally unfair? Use the provided literature and video materials (or other resources) to defend your position. Explain how you define “fairness” in the context the interact..
Explain the differences in how an open and closed economy is modeled including any policy (monetary and fiscal) implications for these two types of economies. Ins include a fully labeled model showing the impact of increased political instability for..
Draw a supply and demand graph to illustrate what will happen to the rental price of an apartment after the imposition of rent controls. Do you think this policy will benefit students? Why or why not?
Identify some of the major challenges confronting the international trading system. What problems docs terrorism pose for globalization? Identify the major fallacies of international trade.
Suppose that the price elasticity of demand for pears is -2.0 and the cross elasticity of demand for pears and apples is +0.7. Suppose that labor disputes in Washington cause the price of apples to increase. Which of the following should one expect?
What would the supply of labor curve which look like over this range of wages.
Discuss income elasticity as it pertains to inferior goods and to normal goods (sometimes also called superior goods).
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