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A market for baby bottles has the following supply and demand functions qS = 6 + 3p qD = 14 2p
(a) What are the equilibrium price and quantity in this market?
(b) Calculate the Consumer Surplus, Producer Surplus, and Total Welfare levels. 2
(c) Now, suppose a per unit tax of 5 were charged to the buyer. What are the equilibrium quantity, price paid by the buyer, and price received by the seller?
(d) Mathematically, does it make a di§erence if the tax is applied to the buyer or the seller? Explain why or why not.
(e) How much tax revenue is raised? How much of that tax burden is borne by the buyer?
Explain how does one construct a linear (or other mathematical program) to solve a competitive or walrasian equilibrium problem.
According to the Solow model, Japan had a __________ growth rate of output per capita than the U.S. during the 1960s and 1970s because ____________.
Using production theory, explain illustrate what will take place to the capital- labor ratio in both the short-run also the long run.
You deposit $1,000 into an account at the end of each year starting at the end of year 1. This account earns 7% interest compounded annually. How much money will you have at the end of 8 years? Note: you will make the final deposit into the account a..
A film processing laboratory uses 37.5 liters of developer per week and is open for business 50 weeks in a year. Administrative and other costs of ordering a consignment of developer are $15 and it costs $10 to keep one liter of developer in stock fo..
The demand function is given by p(y) = 140 - y/3. What is the level of output that will maximize profit?
Throughout the 1970s and 1980s, genetic engineering increased crop yields in the United States. "General Motors said Monday that it will close 14 plants, including seven in Michigan, as part of its restructuring in bankruptcy."
operate his business as long as he rents at least 7 boats per month, operate his business as long as he rents at least 1 boat per month, operate his business as long as he rents all 10 boats each month.
The classical political economists shared, to a large extent, a vision of an emerging social system. Smith referred to this as the “society of perfect liberty” while Marx called it the “capitalist mode of production.” What were the central characteri..
Suppose that, when the average price of shoes increases by 5%, the quantity supplied of shoes increases by 8%. What is the price elasticity of supply? Is the supply of shoes elastic or inelastic?
Identify whether the Fed should continue its current pace of security purchases, and indicate what “forward guidance” the Fed should issue now and why? Be specific in answering the question. Forward guidance is the specific language the Fed uses to i..
Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.20 million. This investment will consist of $3.00 million for land and $9.20 million for trucks ..
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