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In 1998 an agreement known as the Tobacco Resolution was reached between a group of U.S. states and the tobacco industry. The agreement required the tobacco companies to pay the states $246 billion over twenty- five years. The tobacco companies are going to have raise prices to be able to pay the states. Economists found that cigarette smoking declines every 4 percent for every 10 percent increase in cigarette price. Will tobacco companies be able to pay the $246 billion without affecting their profits?
If the entry barrier is removed consumers will be better off because consumers will enjoy greater consumer surplus. Explain.
For a product, at a price of $3, quantity demanded is 60 units and at a price of $5 quantity demanded is 40 units. Using midpoint formula, calculate value of price elasticity of demand.
Describe your matter, with a brief summary of the key things which make your matter interesting. Illustrate what are the key positive also normative questions surrounding your matter.
Explain would your answer differ if you and your rival were required to resubmit price quotes year after year and if, in any given year, there was a 50 percent chance that Toyota would discontinue the Highlander.
What is the value of the economic's MPC. Data applies to an economy with only two sectors-households and firms no government or export.
Here is a "dynamic technology" question - When it comes to automobile production it is an accepted fact that American automakers did not readily adopt and use Asian and European technologies in the production of cars. The result was a loss of global ..
Suppose individuals require a certain level of food (x) to remain alive. Let this amount be given by X0. Once X0 is purchased, individuals obtain utility from food and other goods (y) of the form.
Wicksteed made a significant contribution to value theory during the marginal utility revolution. This contribution was the "Exhaustion of the product"
Using human capital theory elucidate what these dangers are. While there may be good reasons for heavily subsidizing university education, there are also some dangers in it.
the last major conflict between the US army also Native Americans took place at
Use a budget constraint and indifference curve to show and elucidate how your consumption changes.
you should note whether the scenario indicates a shift of the curve or movement along the curve. you are a supplier of widgets. What technology available to produce your product suddenly improves.
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