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The case study presented in the chapter discussed cigarette taxes as a way to reduce smoking. Now think about the markets for other tobacco products such as cigars and chewing tobacco.
a. Are these goods substitutes or complements for cigarettes?
b. Using a supply-and-demand diagram, show what happens in the markets for cigars and chewing tobacco if the tax on cigarettes is increased.
c. If policymakers wanted to reduce total tobacco consumption, what policies could they combine with the cigarette tax?
suppose that lin jun subscribes to the 88 yuan per month plan. (i) how much calling time would she consume? (ii) what would be her total benefit? (iii) what would be her buyer surplus (benefit less charges)?
One additional advantage Microsoft has is its ability to create a variety of Vista products, some of which have more features than others. Does it make sense for Microsoft to differentiate its product into basic and ultimate Vista editions
What are some the kinds of incentives for providers for efficiency in delivery of healthcare services. Describe who bears the financial risk, the provider, the patient, or the managed care organization?
Discuss the Henry George idea for a single tax on real estate and why did the California State Lottery extend the payoff period from 20 years to 26 years?
Sandra purchases 5 pounds of coffee and 10 gallons of milk per month when the price of coffee is $10 per pound. She purchases 6 pounds of coffee and 12 gallons of milk per month when the price of coffee is $8 per pound.
Do price reductions always result in higher profits? For example, If the demand for a firm's product is price inelastic, will the firm increase its profits by cutting its prices? Explain.
What is the approximate Herfindahl index? What is the four-firm concentration ratio?
What are the macroeconomic consequences of a budget deficit when the economy is operating at full employment? Be sure to discuss the effects in the short run and long run.
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Suppose the demand for gizmos is given by the following expression: P=20-5QD +4 I (Income) In this expresiion, P is the price gizmo, quantity is given in millions of units, and I is income.
A formal study of 3-branches of government and the way they effect intergovernmental relations necessarily focuses on executive, legislative, and judicial branches.
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