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What are the likely consequences on the U.S. market for tobacco products for each of the events listed below? Would the supply curve or the demand curve shift? Please indicate the direction of the shift. State whether the equilibrium price and the quantity price would increase, decrease, or stay the same. Show the changes using a standard diagram with an upward-sloping demand curve.
a. The Food and Drug Adminstration classifies tobacco as an "addictive substance.'
b. The congress votes to raise the excise tax on all tobacco products.
c. Hurricane Fran dumps 15 inches of rain on North Carolina and destroys 80 percent of that state's tobacco crop.
d. Sixteen states sue the major tobacco-related costs in their Medicaid programs.
e. Medical evidence that more than two cups of coffee a day, considered by many to be a substitute for smoking, greatly increases the risk of stomach cancer.
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Since no one party owns a not-for-profit hospital, physicians really own the hospital’s business. Consumer cooperatives have a long and successful history in development of the HMO. For-profit firms make up the bulk of hospital organizations.
In the economy of Panicia, the monetary base is $1,000. People hold a third of their money in form of currency (and thus two-thirds as bank deposits). Banks hold a third of their deposits in reserve. What are the reserve-deposit ratio, the currency-d..
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14 million Americans are addicted to drugs and alcohol. The federal government estimates that these addicts cost the economy $300 billion in medical expenses. Your firm has spent $260 million to date in working on a cure. What is the net present valu..
In the early 1980s, Michael Milken developed the low-grade bond (or junk bond) for corporate finance. Throughout the 1980s, these were used by firms to finance leveraged buyouts (purchasing a controlling interest in a company’s shares using money rai..
Assume that the following data characterize a hypothetical economy of Sener: money supply = $360 billion; quantity of money demanded for transactions = $250 billion; quantity of money demanded as an asset = $30 billion at 12 percent interest, increas..
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The market demand for another product you are considering selling is Q(p) = 100 ? (1)p and as the 2. only producer of this product your production costs would be C(Q) = 40Q. You learn of a second firm wishing to enter this market. If you were to perf..
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