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Suppose market demand for oranges is given by QD = 40 - 2P where QD is quantity demanded and P is the market price. Market supply is given by QS = 4+P where QS is quantity supplied and P is the market price. Equilibrium price is 12 and quantity is 6.
a. Suppose that the government imposes a $3 tax on the good, to be included in the posted price (i.e. tax paid by suppliers). What is new equilibrium posted price? How much of that price do producers keep? What is the new market equilibrium quantity? What is the loss in surplus for consumers? Producers?
b. Suppose instead of the tax, the government limits quantity to be no more than 14 units. Compare this policy, in terms of how it impacts producers and consumers, to the tax. What would producers prefer, the quantity restriction or the tax?
Illustrate what role did the policies of various governments play in influencing the international expansion strategies of both McDonald's also Wal-Mart.
Ten people have dinner together at an expensive restaurant and agree that the total bill will be divided equally among them. What is the additional cost to any one of them of ordering an appetizer that costs $20? Explain why this may be an inefficien..
Big State U charges in-state and outstate students different tuition rates. Instate students pay $2000 a term, and respond according to the following demand equation: QI = 23,000 - 2TI where QI = in-state student enrollment and TI = instate tuition. ..
Oskar's preferences over gambles in which the probability of events 1 and 2 are both 1/2 can be represented by the von Neuman-Morgenstern utility function 0.5x5 + 0.5y5 where x is his consumption if event 1 happens and y is his consumption if event 2..
What are the most important religious themes and people that Islam, Judaism, and Christianity have in common? Describe and discuss issues of current concern for Muslims around the world, and the relationship between various schools of Muslim thought.
Suppose the marginal revenue (MR) function of a monopolist is 5000-0.25Q, what is the profit maximizing price and quantity? Show or identify the demand, marginal revenue and total revenue curves. State the maximum amount of total revenue—in US dollar..
The United States can make certain toys with greater productive efficiency than can the China. Yet we import those toys from China.
Calculate gross national product and net national product
The administration and management of tax and subsidies should be the tool for achieving fiscal policy toward economic stabilization and growth. Explain it in details and with examples.
Considering expected return and risk, which projects are good candidates? The firm believes it can earn 5% on a risk-free investment in government securities
What are some more common restrictions on the activities of multinational corporations in host countries? Your 200 word answer should focus on selecting and organizing your most relevant comments in a coherent fashion.
Exhibit 2-8 represents Robin Hood’s production possibilities frontier. Assume that he currently produce at point G inside the production possibilities frontier. He can produce more bows employing the existing resources more efficient. He can increas..
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