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Suppose the demand for gasoline is QD = 75 – 25PD and supply is QS = 30 + 20PS, where prices are expressed in dollars per gallon. How does a $0.40 per gallon tax affect the equilibrium price and quantity of gasoline (show both the pre-tax and post- tax equilibria)? What is the elasticity of demand and supply? In the short-run do you expect producers or consumers to put up the most resistance to the tax? What about in the long-run? Explain your answer with sentences.
Electrocomp incurred an oversupply of fans in the preceding period, management also insists that no more than 80 fans be produced during this production period. Resolve this product mix problem to find the new optimal solution.
Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
What are the benefits and challenges when implementing Industrial policy? How does comparative advantage relate the implementation of industrial policy?
Measuring GDP The following table shows data on consumption, investment, exports, imports, and government expenditures for the United States in 2009, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the..
How is each of the following events likely to affect the value of the dollar relative to the euro?
Suppose a risk-neutral power plant needs 10,000 tons of coal for its operations next month. It is uncertain about the future price of coal. today it sells for $60 a ton but next month it could be $50 or $70 (with equal probability). How much would th..
Success of Employment Applications in Ohio during the Gentleman's Recession and chart displays the ratio of job placements to seekers, for the total of men and women in all five cities, juxtaposed against the business cycle indicators.
The unintended consequences of raising minimum wage from $8 to $12 per hour will create more unskilled unemployment in the economy. True or False, explain. The unintended consequences of raising minimum wage from $8 to $12 per hour will create more u..
Elucidate why there is a relationship between price elasticity of demand and the effects on total sales revenue.
The U.S. government has a legal monopoly on the printing of U.S. currency. For the sake of this question, suppose the government decides to relinquish its monopoly—the Department of Justice will “break up” the federal government’s monopoly on U.S. cu..
f the money supply is Ms1 and the goal of the monetary authorities is full-employment output Qf, they should:
Although most people agree that the government’s role in the free market economy should be limited, the degree of appropriate government involvement is contested
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