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According to studies undertaken by the US Department of Agriculture, the price elasticity of demand for cigarettes is between 0.3 and 0.4 and the income elasticity is about + 0.5.
1. Suppose Congress, influenced by studies linking cigarette smoking to cancer, plans to raise the excise tax on cigarettes so the price rises by 10%. Estimate the effect the price increase will have on cigarette consumption and consumer spending on cigarettes (in percentage terms).
2. Suppose a major brokerage firm advised its clients to buy cigarette stocks under the assumption that, if consumer incomes rise by 50% as expected over the next decade, cigarette sales will double. What is your reaction to this investment advice?
Suppose that Mr. Greengenes, a farmer and genetic engineer, develops a new method for growing corn that decreases the cost of growing corn by $300 per acre. Greengenes’ landlord rejoices, saying, “According to the leftover principle, you will pay me ..
two students are to take an exam an the professor has instructed them that the student with the higher score will
The monopolist’s demand function is P = $405 - $5Q, its average cost function is AVC = $20+$0.5Q, and its fixed costs are $6,000 per hour. Calculate the monopolist’s profit maximization output, price and its hourly profit. Calculate the elasticity of..
Discuss the impact of the national debt on the American economy. Use principles and concepts you have learned in this macroeconomics class.
Suppose that the price of the product is $5. How many units will the firm produce in the short run? In the long run, will the price rise or fall from the current level at $5? Explain the reason
Watch the movie "A Beautiful Mind". Pay attention to the scene where Nash argues for an optimal equilibrium (the bar scene). Would you say that his "equilibrium" constitutes Nash equilibrium Explain.
What is the entire relationship between the quantity supplied and the price of the good?
There is a list of figures for a given year in billions of dollars. Using this data, compute the NDP , NI, PI, DI or net exports.
Do you think the argument against redistributing income through income taxes based on reducing economic efficiency is a strong one. Provide an example where a business did not expand because the possible taxes on the profits due to that expansion.
A newspaper has a monopoly on the local news market in a town. The market demand is given by P=1.70-Q/10,000. The marginal cost is constant and equal to 0.30. The fixed cost is 3,000. Variable cost is 0.30Q. Find the monopolist's profit-maximizing..
What is the equilibrium price and quantity of fertilizer in an unregulated, competitive market? What is the efficient quantity of fertilizer?
1) Write a paper analyzing different approaches that might be used by Keynesian theorists and 2) monetary theorists to promote long-run macroeconomic stability.
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