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You just won a contest and have been appointed State of CT Tax Commissioner (you might be asking, why did I enter such a contest? :)). Your primary goal is twofold: raise revenue and make the tax code more efficient. You have to decide which goods to tax, which goods to raise taxes on and which good to lower taxes. Consider your knowledge of elasticity, supply and demand. You need to close a $500 million budget gap for the State.
1. Medical services, electricity and fruits and vegetables are not taxed. Should you start to tax these? Explain your answer.
How can two countries both be better off as a result of trade? How can tariffs protect U.S. jobs? Do tariffs lead to a net increase in jobs?
You are the manager of a monopoly that faces a demand curve described by P = 85 - 5Q. Your costs are C = 20 + 5Q. The profit-maximizing price is
We live in an environment characterized by increasing complexity in the legal and regulatory environment as efforts are made to marry concerns about social responsibility with a responsive regulatory environment.
You are the manager of a monopoly, and your demand and cost functions are given by P= 200 - 2Q and C(Q)= 2000 + 3Q^2, respectively. what price-quantity combination maximizes your frm's profits?
Explain what consumer surplus and producer surplus is and how it can be found. Explain what a deadweight loss is and what causes it. Explain the difference between private goods and public goods. Explain what a negative externality is and how it can ..
q1. at daves current consumption bundle involving positive units in both hot dogs and sodas his marginal utility for
A firm's marginal revenue is $133 and its marginal cost is #90 illustrate what amount of profit does the firm fail to pick up by refusing to incease output by one unit.
The Staggers Rail Act of 1980 substantially reduces the power of the Intersate Commerce Commission (ICC) to control the rates that railroads charge shippers. the president of the National Coal association has denounced the system of '' letting the ra..
Clear Water Co. has a down-hole well auger that was purchased 3 years ago for $45,000. It has been depreciated over the three years as a MACRS-GDS 5-year property. It has an estimating remaining life of 7 years. O&M costs are $20,000 per year. Clearl..
Using the expenditure approach, gross domestic product equals:
Suppose that a mysterious in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50%.
Johnny continues to consume burgers and steaks. His utility function is U(xB; xS) = xBxS. The price of burgers is $1, the price of steak is $2, and his income is $40 a day. What is the largest number of burgers that Donna could demand from Johnny in ..
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