Reference no: EM13218969
a. What is producer surplus, and how is it measured?
b. What is the relationship between the cost to sellers and the supply curve?
c. Other things equal, what happens to producer surplus when the price of a good rises?
2. There are four consumers willing to pay the following for a haircut: Consumer Willing to Pay: Ricki $8.00 Oprah $7.00 Jerry $5.00 Montel $2.00 And there are four businesses with the following cost per haircut: Business Haircut Price: A Kutz $3.00 B Kutz $6.00 C Kutz $4.00 D Kutz $2.00 Each business can produce no more than one haircut. a. In the most efficient world, which companies should cut hair and which customers should get a haircut? (Note: It might be less than 4.) b. How large is the maximum possible total surplus and what is the least possible surplus?
3. Explain Arthur Laffer's theory of tax rates relative to tax revenue. What is the effect of a tax on the deadweight loss? Why is it sometimes difficult to predict what will happen when a tax rate is decreased or increased?
4. Describe both quotas and tariffs. How do they impact domestic prices and deadweight loss? How does an import quota differ from an equivalent tariff? What is best for a nation as a whole: a tariff, a quota, or free trade? Explain your answer.
5. Although most economists agree that free trade is beneficial for a country, there are numerous arguments against free trade. Describe five of the arguments against free trade.
6. Describe the Coase theorem, which suggests that efficient solutions to externalities can be arrived at through bargaining. Explain how this happens. Under what circumstances does bargaining fail to produce a solution?
7. Why do wild salmon populations face the threat of extinction while pet goldfish populations are in no such danger?
8. Define and explain the terms income tax and consumption tax. What would be the benefits of taxing consumption and not income?
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What happens to the reserves of the bank
: a.What happens to the reserves of the bank b.What happens to the money supply in the economy as a whole if the reserve requirement is 10%, all payments are made by check, and there is no net drain into currency
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Describe some of the psysical properties
: Describe some of the psysical properties that provide a reliable means to identify common minerals. Also, discuss how certain properties can exhibit a range of characteristics or values, thus making them less useful for identification purposes.
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Find the steady state temperature distribution of the tray
: The tray heats up according to ut = c2?u + h(x, y) where h(x, y) = 5(1 - sin(8πy)) and c2 = 10-4. Assume that u = 200 along each edge. Find the steady state temperature distribution of the tray.
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Is there any advantage or disadvantage of star connection
: Is there any advantage of star connection over delta w.r.t. induction motors? Also, is there any advantage or disadvantage of star connection over delta w.r.t. distribution and transmission of power? Please explain the reasons for all the advantag..
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What will happen when a tax rate is decreased or increased
: Explain Arthur Laffer's theory of tax rates relative to tax revenue. What is the effect of a tax on the deadweight loss Why is it sometimes difficult to predict what will happen when a tax rate is decreased or increased
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Undifferentiated targeting strategy for target market
: Little Caesars markets pizzas garnished with squid or seaweed in Japan but in Middle Eastern countries, its menu excludes pork products. When marketing research shows that a group of people does not desire a particular product, the people in that gro..
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Define depreciation
: On the first day of the fiscal year, a new walk-in cooler with a list price of $52,000 was acquired in exchange for an old cooler and $42,000 cash.
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Design a common-emitter bjt amplifier with a gain
: Design a common-emitter BJT amplifier with a gain of -100 (well above 3dB point) and a 3dB point at 100Hz. Assume beta = 100, Ic (quiescent) = 1mA, Vcc=20V. You can omit the output capacitor, but should bypass your emitter resistor.
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Relationship between motivation and job satisfaction
: What is the relationship between motivation and job satisfaction and are satisfied employees more productive? Can most people be motivated by money?
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