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Assume that in the absence of taxes, the price of x is $2. Compare an ad valorem tax of 10 percent (on p^s), to a per unit tax of 20 cents with respect to (i.e. specify whether it results in bigger, smaller, or equal values of the following):
(a) the new equilibrium consumer price
(b) the new equilibrium producer price
(c) the new equilibrium value of the quantity purchased.
(d) tax revenue
(e) excess burden.
Suppose, on the other hand, that the second country retaliates with an export subsidy of its own.
Explain the economics of the taxi medallion system. This is discussed in the text and in numerous places on the web. Why did cities start the medallion system? Do you think it is a good idea? Explain the economics of the ride-sharing firms such as Ub..
Suppose that there are 100 identical firms, each with the following technology: f D K1=4L1=2 . Suppose also that in the short run K D 1, with r D 1,and P D 4. For the short run: Calculate the MPL and each firm´s demand for labor. Find the market sup..
A worker-managed firm is a firm managed by elected representatives of its employees. Such firms are believed to maximize profits per worker rather than total profits. Consider such a firm in the short run, when labour is the only variable input. Will..
A competitive firm has the production function q = f(L,K) = sqrtL + 2sqrtK , for which MPL= 1/2sqrtL and MPK = 1/sqrtK. Find the firm's conditional factor demands for L and K at the factor prices w = 4 and r = 2. What is the firm's (total) cost curve..
The United States, with about 300 million people, accounts for about 5% of the world population, but it accounts for over 20% of the world GDP and consumes over 20% of global resources. This means, on a per capita basis, Americans consume more than m..
What assumptions do economists make? Why does each assumption matter in environmental economics? Is the environment an economic asset? Is the environment a social asset? Explain.
Alter Bridge Mfg., Inc., is currently operating at only 92 percent of fixed asset capacity. Current sales are $640,000. Fixed assets are $490,000 and sales are projected to grow to $730,000. How much in new fixed assets are required to support this g..
Given the Federal Reserve Board’s current and forward-looking position on interest rates, predict the level of risk associated with investing in bonds and recommend a portfolio percentage for investment in bonds for a financial institution. Provide s..
Horsehead, Massachusetts lies on a bay inhabited by lobsters. The town council issues permits for trapping lobsters and is trying to determine how many permits to issue. Graph the marginal revenue and marginal cost curves for operating a boat. Suppos..
Draw the Cost effectiveness Frontier - What concept can you attribute this change in treatment choice before and after insurance? Explain.
Do Monopolistically competitive firms generate a long-run profit? Why is a monopolistic competition said to be inefficient?
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