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The elasticity of demand for home computers is -2.5, the elasticity of demand for business computers is -.90, and the elasticity of supply for computers for both purposes is 1.
a. A per-unit tax of $200 is imposed on the suppliers of computers. How much does the gross price increase in each market?
b. Suppose the untaxed market equilibrium price and quantity in the home computer market are $850 and 10 million, respectively. In the business market, the untaxed market equilibrium price and quantity are $1200 and 15 million, respectively. What is the deadweight loss of the $200 tax?
Graph the firm’s long-run average cost and show that it reaches a minimum where q =1. Determine the long-run equilibrium price (p*) and the firm’s long-run equilibrium output (q*).
Two niches in the market for electronic sensors,
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A monopolist faces a demand curve given by the following equation: P = $500 − 10Q, where Q equals quantity sold per day.Assume that the firm faces no fixed cost.
Insurance agents receive a commission on the policies they sell. Many states regulate the rates that can be charged for insurance. Would higher or lower rates increase the incomes of agents? Explain, distinguishing between the short run and the long ..
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