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When a government wants to increase tax revenue, they will often increase the sales tax on gasoline. Using price elasticity of demand, explain why the tax would be placed on gasoline rather than, say, yachts. What might be the long run effect of raising the price of gas? In other words, who is harmed by the tax? Who benefits from such a tax? Are low-income households disproportionately harmed as compared to high-income households? Why or why not?
Imagine cell phones are simple and the only thing consumers care about is minutes. Suppose a monopolist wireless company says, "The cell phone and the first 6 minutes are free, and the price of each additional minute is $2." Now suppose your deman..
Which of the following is not a condition required for the practice of price discrimination?
Firms like Papa John's, Domino's, and Pizza Hut sell pizza and other products which are differentiated in nature. While numerous pizza chains exist in most locations, the differentiated nature of such firms products permits them to charge prices a..
Compute the physical units of production. Compute equivalent units of production for materials and for conversion costs. Determine the unit costs of production.
Assume monopolizing a service or product of your choice. Discuss how you would go about setting prices for your product or service.
Describe planning or operating decisions for your new or existing good or service based on the economy's stage in the business cycle and other economic conditions.
The widget industry is currently a monopoly facing the demand curve P=200-20Q, where Q is total industry output. Firm 1 is the monopolist and has a marginal cost of $20. Firm 2 is a potential entrant and must pay $130 up front to enter. Once it pa..
Write your individual answers to the questions listed above together using a minimum of 300 words in essay format in APA style. use APA template in Doc Sharing, using correct economic terms covered in the discussions.
Discuss if you agree or disagree with this statement and explain your position: Market equilibrium (price and quantity of equilibrium) is just a theoretical result.
Why is the concept of elasticity important? What does it tell economists? Tell whether you would classify automobile production as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elas..
Almost all of the fossil fuels that we are now currently using were formed during the Carboniferous period. (b) There seems to be a strong correlation between increases in the availability of food energy per person and increases in human populati..
When the price of corn dogs is $2.00, 2,500 are demanded. What is the price elasticity of demand for corn dogs.
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