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Suppose the market for cigarettes is characterized by the following information:
Qd = 70 – 5P [Demand] Qs = 3P – 10 [Supply]
[Note: P = price per unit; Qd = thousands of units demanded; Qs = thousands of units supplied]
Suppose the government imposes a sales tax of $2 per unit.
Answer questions (i) through (v) below:
i) Calculate the magnitude of the consumer surplus and producer surplus in the pre-tax equilibrium.
ii) Calculate the tax revenue in the post-tax equilibrium.
iii) Calculate the change in consumer surplus due to the sales tax.
iv) Calculate the change in producer surplus due to the sales tax.
v) Calculate the Dead-Weight-Loss due to the sales tax.
Assume increase in government spending. Would the effect on AD be larger if the Fed held MS constant in response or if the Fed were committed to maintaining a fixed interest rate?
Illustrate what is the economy's MPC? It's MPS. Illustrate what was the APC before the increase in disposable income.
q.part 1in 2011 company xyz had sales of 345620million net working profit subsequent to taxes of 10250 million and
How is Apple able to maintain high profit margins on its phones, while most Android phones struggle to be profitable? Select the answers that apply and give justification for your choices.
How much deadweight loss does Great Reception causes when it restricts output and charges a price above marginal cost.
If the price elasticity of demand in the United States for American-made luxury cars is 1.9, what is the impact on revenue if the price increases by 10%?
q.assume an industry is composed of the following eight firms.company market sharefirm a 30 percent firm b 25 percent
Refer to the above graphs. Which graph depicts a situation where sellers are increasing their output because their product is becoming more popular among buyers?
The classical dichotomy and the neutrality of money. Which of the following give the nominal value of a variable? Check all that apply. Which of the following give the real value of a variable?
Sometimes, a bidder on a work contract may bid lower than what would maximize his/her profit from the contract and the reason for that is to create goodwill. How would you value the goodwill that is obtained in this way?
q1. given the choice between a1000 p 1.0 and b1200 p0.90 kathy prefers gamble a. does this mean she is risk averse?
You are the manager of a firm that receives revenues of $60,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Y and X is 1..
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