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1) The demand and supply equations in a market are given as Q = 30 - 2P and Q = 10 + 2P. If the government imposes a tax of $0.50/unit on the suppliers, what would be the net loss in consumer surplus and producer surplus? What would be the deadweight loss? Also compute consumer's tax burden and consumer's new expenditure.
2) a.Give an example of positive externality. Using a graph explain how the usual framework of marginal private benefit and marginal private cost leads to underproduction (less than optimal production) in this case.
b. Give an example of negative externality. Using a graph explain how the usual framework of marginal private benefit and marginal private cost leads to overproduction (more than optimal production) in this case.
How do the different economic systems (capitalism and socialism) differ in the way they answer these three questions - What to Produce? How to Produce? and For Whom to Produce?
What will be the equilibrium price? What will be the equilibrium output for the industry? For each firm? What will profit or loss be per unit? Per firm? Will this industry expand or contract in the long run?
Finally, she can take an hour drive to out of town to a neighboring city and pay 84 for the suit. Hannah makes $85 dollars and hour where she works. She has time to take off work to purchase her suit, so each hour away from work is 80 dollars in lost..
What is the marginal revenue for hiring a worker for the 1 st hour? For the 2 nd hour and determine how many hours Eva should extend her bakery's hours of operations.
Why do shifts in production function takes place & how does it affect operational efficiency?
"I see that your shoes are ‘buy one, get one free - limit one free pair per customer.' Will you sell me one pair for half-price" The clerk answered, "I can't do that." When the customer started to leave the store, the clerk hastily offered,
Some states have had laws restricting the sale of most goods on Sunday.oppose such laws because they find Sunday afternoon a convenient time to shop.
How much insurance should I buy to be fully insured and what is a fair insurance premium?
Write the expression for this firm's Total Revenue and write the expression for this firm's marginal revenue - what is the profit maximizing (or loss minimizing) level of output
Identify three decisions that you have made in the past (e.g., purchase decision, political decision, etc.) and their associated trade-offs. Provide support for your response.2. Create a positive question and its associated normative question.
A combination of low prices with strong competition by foreign competitors and so-called "legacy costs" of unions are cited as the primary reasons why so many steel companies are filing for bankruptcy. In 2002, as Brownstown Steel Corp.
microeconomics problem price gouging after disastersyour final research paper should be a minimum of four pages and not
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