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The demand curve for two liter bottles of soda is given by QD=4000-300P, and the supply curve is given by QS=1300P. In an effort to reduce soda consumption, the government has placed a tax of $4 per two-liter bottle that is added to the consumer’s bill at the checkout. What is the reduction in total benefits due to this tax? What is the reduction in total costs due to the tax? What is the deadweight loss of this tax?
For each of the situations below analyze what happens to the supply and demand curves, and then decide the impact on the equilibrium price and quantity in the market for lemonade. Suppose this market is initially in equilibrium and then the price of ..
You have studied the judicial branch of government, with emphasis on the Supreme Court, and the rulings they have made which have had wide-ranging effects on everyone in America. Describe the background of each of the two cases – the reason a case wa..
They value campaign funding in terms of dollars spent. Therefore, after spending ci on a campaign.
Tom earns $15 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40. Tom faces a 20 percent tax rate and pays $4 per hour in child care expenses for each hour he works. For all hours Tom works up to his..
Assume that a pharmaceutical firm knows it can develop a new drug in 12 years at an upfront cost of $300m (incurred in year 1). If the firm undertakes the drug development project, it knows it can earn an annual profit of $200m in each year (starting..
Discuss and provide healthcare examples of the following types of market failures: The supply of an antibiotic is Q= 30 X P – 200. The demand for it is Q = 8,800 – 20 X P. What is the market equilibrium price and quantity? Discuss what is meant by th..
The following equations represent the inverse supply and demand functions in the market for Good A:. QD and QS are the quantities demanded and supplied, respectively. Suppose the government imposes a tax of $6 per unit of Good A. What is the incidenc..
studies on the comparative work habits of the wealthy tell a different story. Research by professors Mark Aguiar. Explain which wealthy person has reservation wage.
The price elasticity of demand is: The demand curve for physician office visits is quite inelastic; therefore, a:
In what ways does the Krugman model of trade differ from the Heckscher-Ohlin model of trade? In what ways does the Linder theory of trade differ from the Heckscher-Ohlin model of trade?
Economists use Gross Domestic Product (GDP) to measure the economic activity and the national income. What are the major components of the USA GDP? Explain the contribution of each component to the GDP with data. What is the difference between real G..
A key determinant of the price elasticity of supply is the:
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