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1. Suppose the demand for a product is given by P = 40 4Q. Also, the supply is given by P = 10 + Q.?
A) What is the equilibrium price and quantity of the product??
B) What is the price elasticity of demand at the equilibrium price???
2. For the next 3 questions, assume that there is a $10 per unit excise tax levied on the consumers of the product?
C) What price will buyers pay after the tax is imposed??
D) What is the deadweight loss created by the tax??
E) What is the quantity of the good that will be sold after the tax is imposed?
Why does google care weather people think it is large or small? Do highway billboards actually provide competition for Google. Briefly explain. Please state wheather the actual demand were a)to the right or to the left the where the company thou..
Each of the following firms possesses market power. Explain its source. Merck, the producer of the patented cholesterol-lowering drug Zetia
to the permanent income hypothesis, households will tend to react to a temporary tax cut by assuming the new tax level will be permanent.
1 describe the difference between ldquomoney marketrdquo debt instruments and ldquocapital marketrdquo debt instruments
How do you propose to enact these standards when you are an administrator? What is the regulation or statute for? Who does the act protect? What are the consequences for violating it? Why are laws like this good for protection? How do you propose..
The price elasticity of demand for imported whiskey is estimated to be -0.20 over a wide interval of prices. The federal goverment decides to raise the import tariff on foreing whiskey, causing its price to raise by 20%. Will sales of whiskey rise or..
imagine that you have decided to open a small ice cream stand on campus called ice-campusades. you are very excited
use the internet to research an oligopoly not discussed in the text. describe the oligopoly you researched and explain
What are the two firms' best response functions? Show you calculations and what will be the market price, the market output, the output of each firm and the firms' profits?
Draw the demand curveb) Calc e when P= $200, P= $100, and P= $0c) carefully draw the total expenditure/revenue curved) what price maximizes the revenue received by the seller
An economy is initially in long-run equilibrium. The introduction of an electronic payments system dramatically reduces the demand for money in the economy. a. What is the short-run impact on prices and output of the new system
Compute the profit maximizing output produced by each firm. Compute the profits earned by each firm and the cartel.
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