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The deadweight loss from a tax is equal to one half of: A. tax revenue multiplied by consumer surplus B. producer surplus multiplied by consumer surplus C. the decrease in quantity sold multiplied by the tax revenue D. the amount of the tax multiplied by the decrease in quantity sold E. the amount of the tax multiplied by consumer surplus
A basic difference between microeconomics and macroeconomics is that microeconomic examines the choices made by individual participants in an economy, whereas macroeconomics considers the economy's overall performance.Why?
A perfectly competitive firm will shut down immediately when the market price falls below
In 2001, an outbreak of hoof-and-mouth disease in Europe led to the burning of millions of cattle carcasses. What impact do you think this had on the supply of cattle hides, hide prices, the supply of leather good, and the price of leather goods? Can..
A random variable X is normally distributed with a mean of 100 and a variance of 500, and a random variable Y is normally distributed with a mean of 200 and a variance of 400. The random variables have a correlation coefficient equal to -0.5. Find th..
If the Bank of Canada shifts to a more restrictive monetary policy, it will generally sell bonds in the open market. How will this action influence each of the following? Briefly explain each of your answers. a) The reserves available to banks. b) Re..
q1. when you were a child living at home your parents or guardians paid for the food utilities and clothes that you
Respond to the question and to other students' postings. Consider the following when posting your responses: Why might this be the right form for the new business? What might some of the disadvantages be?
Also, assume that the “target market” has 1 Household and 1 Graphic Designer (a simple way of representing equal proportions of each type of customer). The marginal cost of production is $0. If Adobe sells only to Graphic Designers, what is the optim..
If average total cost of producing wheat is $8 and cost of wheat is $6, illustrate what would you advise farmer to do.
Elucidate the relationship between MC and AVC that causes MAC to intercept AVC at AVC lowest point with economics.
Define three types of elasticity of demand. Indicate how you would use information from recent research paid by your company that the own price elasticity of your product is -1.2 and not -0.8 as previously thought
At his current consumption basket, his marginal utility for hot dogs is 5 and his marginal utility for sodas is 3.
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