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Assume we have a market for sodas with Demand downward sloping and Supply upward sloping where the current equilibrium price is $1.25 per can. Now assume that the government imposes a tax of $0.50 per each can sold where the seller must give $0.50 to the government for each can sold.
(a) Will the new equilibrium price of sodas be above $1.75, below $1.75 or equal to $1.75. Please explain your answer.
(b) Will there be a deadweight loss after the tax is imposed. If your answer is no, then please explain why not. If your answer is yes, then please explain why there is a deadweight loss.
Draw the Hick's income and substitution effects for c1,c2 in c1,c2 space if the interest rate decreases to .05.
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Describe at least TWO of the positives and TWO of the negatives associated with drilling in North Africa and Southwest Asia. They are relying on petroleum production as their primary economic activity.
Which of the following is not an example of a monopolistically competitive firm?
consulting project estimation and analysis of demand for fast food meals using the data in table 1 specify a linear
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Explain the main differences between the three main nominal anchor choices presented in Chapter 3: i) Exchange Rate Target; ii) Money supply target; and iii) Inflation target plus interest rate policy.
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If going rate for developing a roll of film is $8.50, is industry in long-run equilibrium. If not, find price associated with long-run equilibrium.
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