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Suppose you are selling t-shirts at your own t-shirt stand. The supply and demand curves for t-shirts are given below.
P = 5 + 0.15Q P = 30 - 0.1Q
a) What are the equilibrium price and quantity for t-shirts?
b) If the process of making your t-shirts results in chemical waste that you dump in a nearby stream, creating $5 worth of damage to the environment per shirt, what is the socially optimal number of t-shirts for you to sell, and what is the socially optimal price?
c) What tax policy could the government use to assure that you sell the socially optimal number of t-shirts?
What criteria would you apply to determine where such a policy is or is not successful. Judging from your own stated criteria, was Japan's exercise successful. Why or Why not.
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Stating that the appliance was the best bet available, Elmo, a door-to-door salesman, entered into a contract to sell the Walton family home freezer unit on credit. The total price with interest was $900, although the freezer had a retail value of ap..
How does the change of consumer and producer surplus compared to the tax revenue.
Show graphically the effect on the supply and demand for Bonds in a deflationary period.
The future worth in year 10 of a geometric gradient series of cash flows was found to be $80,000. If the interest rate was 15% per year and the annual rate of increase was 9% per year, what was the cash flow amount in year 1?
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