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Suppose there are two types of food: Slow and Fast. Slow food is food that takes a lot of time and energy to prepare, and is possibly more "authentic." Consider it a high-end luxury good. All other food we'll call Fast. It's a staple needed to live, is quick to acquire and cheap. The slow food costs $20 per unit, while the fast food costs $5 per unit. The price elasticity of demand for slow food is -2.8. The price elasticity of demand for fast food is -.20. The government is considering a tax on food. The tax on slow food is denoted ts, and the tax on fast food is denoted tf.a. Comment on the significance of the different elasticities of demand?b. What is the equation for the optimal (Ramsey) value of ts in terms of tf.c. In a clearly written paragraph, comment on the relative size of ts compared to tf, and why we are seeing this result.d. Suppose the government has selected tax levels ts and tf using the Ramsey rule. Furthermore, at those taxes, the market sells 3 million units of slow food and 300 million units of fast food., the government collects $1 billion in revenue from these taxes. What are the values of th and tp?
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
Angelica pickles manager a Quick copy franchise White Plains, New York. Pickles projects reducing copy 5¢ to 4¢ each, Quick Copy's $600-per-week profit contribution will increase by one-third.
Write a situation that would cause a shift in labor supply and demand. The following areas have had high job growth values and can be used for your scenario:
In the long run, inflationary andrecessionary gaps are self-correcting because, eventually. nominalwages rise and fall in order to close an inflationary or arecessionary gap thegovernment applies the right combination of fiscal and monetarypolicies t..
Suppose that the money market is initially in equilibrium for an economy. Describe with the aid of a diagram how market adjusts to an increase in money supply, an increase in real GDP
The loan office of the bank has just called Ms. Firth to mention another financing possibility-the graduated payment mortgage. Terms, interest rates, and fees are the same as a normal mortgage. However, by lowering the payments in the early years,..
Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest).
As a project manager, dealing with conflict is part of the job. There are many sources of conflict; one source that is often overlooked is the manager. Based on the Week 4 reading and lecture, what managerial actions can cause workplace conflict.
suppose you have the following simultaneous equations model:which are the endogenous variables (y & x3) and the exogenous (Z, X2) Im lost as to what X1 is because it appears on both equations? also which equation is identified or not identified or ..
In which type of handling system is labor cost generally the highest percentage? mechanized semiautomated automated information-directed
The "Baby Boomers" are in their retirement age. What affect might this have on the productive capacity of a country's labor force.
The nation of Aquilonia has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions, it discovers that it is importing rice, exporting steel, and neither importing nor exporting TVs. We can conclude..
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