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Consider a competitive market involving firms with identical U-shaped average cost curves that is in the long run equilibrium. Suppose that the government imposes a lump sum tax on every firm in this industry. A firm can avoid the tax only if it stops production altogether.
(a) How will this tax affect the number of firms in the industry?
(b) What will happen to the equilibrium price of the good?
(c) When long run equilibrium is re-established, how will each firm's output compare with the initial equilibrium output?
Total federal revenues as a percent of GDP (Gross Domestic Product), since at least World War II, have remained just under. At least one critic of the comparison of revenues as a percent of GDP has stated that the median and average percentage for ta..
Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
Explain the difference between Discretionary Fiscal Policy and Automatic Fiscal policy. Provide an example of each.
A company is considering getting involved in electronic commerce. A modest e-commerce package is available for $29,000. If the company wants to recover cost in 2 years, what is the equivalent amount of new income that must be received every 6 months ..
What is the different between anticipate and un anticipate inflation? Describe when the government surplus a deficicit. Also draw loan able graphs to explain your answer.
Compute equilbribrium outcome for a firm that has ten workers, one of who is the owner who manages the firm. The firm's net income(net of the cost of materials, etc) is always five times the total amount of effort contributed.
Upon graduation, Steven purchases a new home theatre system for his apartment.To finance the system, he borrows $5,000 from a new credit card at 21% per year compounded monthly. He fully intends to pay off the loan in 1 year while making monthly paym..
Which of the following statements about American state sales taxes is not generally true?
Classify each of the following situations as either frictional, structural, or cyclical unemployment.
Suppose that a new law requires every firm to provide its workers with free parking spaces. These spaces are worth $200 per year to workers, but cost firms $500 per year to provide
If 100 % of deficit is financed by sale of securities to federal agencies, illustrate what happens to amount of debt held by public Illustrate what happens to level of gross debt.
Calculate the arc price elasticity of demand for wheat in the two situations below: Can you explain/account for the difference, if any, in the two elasticities?
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