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Suppose the current price of gasoline at the pump is $4 per gallon and that one million gallons are sold per month in Texas. A local politician proposes to add a 10-cent tax to the price of a gallon of gasoline, and she claims that the tax will generate $1.2 million in extra tax revenues per year (1 million gallons × 10 cents x 12 months = $1.2 million). What assumption is she making about the elasticity of demand? Is the assumption
A county is considering using a piece of park land for one of two alternative recreation projects.
When other companies refused to follow the increase, American Airlines made an attempt to gain customers in the competitors' markets by applying aggressive discounts on the tariffs.
Calculating MPC, In one year, a consumer's income increase by $400 and her consumption increases by $120. Her marginal propensity to consume is equal to.
Suppose that a company invents a better machine for mixing the ingredients to make chocolate candies. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates your answer.
A number macroeconomic variables decline during recessions. One of these variables is the GDP. What other variables, besides real GDP, tend to decline during recessions? Given the definition of real GDP and its components, explain the declines in the..
A December 2007 issue of The Economist contained the following quote in an article about Germany: "The government has just chopped the payroll tax that finances unemployment insurance, which should encourage employment." Comment on this statement,..
They use the Internet to pay babysitters. With no cash, does the nature of money change? Should the Federal Reserve change the definition of M1?
the standard product of labor is 6 flutes per day also the marginal product of labor is 8 flutes per day.
Illustrate what specific factors might have accounted for this event.
Raise or Lower Tuition? Suppose that, in an attempt to raise more revenue, Nobody State University increases its tuition. Will this necessarily result in more revenue?
Illustrate what is the effect of the price increase on revenue at the YSU campus store. Calculate the price elasticity of demand for Bottom Feeder Tacos using the mid-point formula.
Present a thorough analysis of the inverse relationship between inflation and unemployment reflected by the Phillips curve. Describe the importance of expectations and how they affect the actual relationship between the inflation rate and the unemplo..
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