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Let the market for cigarettes be characterized by the following information:
Qd = 70 – 5P [Demand]
Qs = 3P – 10 [Supply]
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.
Suppose that when the price of shoes increases by 5%, the quantity demanded for socks decreases by 10% and the quantity demanded of sandals increases by 4%. What is the cross-price elasticity of socks with respect to shoes? Are shoes and socks relate..
Fresh Maine lobsters are flown from the United States to Japan. Conversely, fresh tuna is flown from Japan to the United States. How would you expect this pattern to affect the number of jobs in fishing in both countries? Which would be more expensiv..
There are about 34,000 full service restaurants in Miami-Dade County, Florida with a population of about 2.5 million. What type of market structure is the restaurant business in Miami-Dade County? Are there submarkets with distinct characteristics? E..
If economy has full flexible prices and demand unexpectedly increases you would expect that the economy’s real GDP would tend to Increase, Decrease. Remain the same? What happens when demand fluctuates lower than expected? What happens when demand fl..
In the late eighteenth century, the price of bread in New York City was controlled, set at a predetermined price above the market price. Draw a diagram showing the effect of the policy. Did the policy act as a price ceiling or a price floor?
Which level of measurement conveys the most information? Which of the following is NOT an example of reliability? What is one way to obtain a criterion validity measurement?
"Since the statistical discrepancy in the U.S. balance-of-payment accounts is so large, we cannot rely on the U.S. BOP statement to give information on the size of various 'balances' with any precision. Perhaps the U.S. BOP statement is essentially u..
Calculate the Herfindahl-Hirschman Indexes for 2006 and 2011. What information does this index tell you about changes in the industry? How does this information differ from the four-firm and eight-firm indexes?
Illustrate what were some of the marginal benefits that the city would derive as the result of keeping this project alive.
Governments typically provide disability insurance and unemployment insurance to workers. In contrast, governments typically mandate that firms provide workers’ compensation insurance to their workers but do not provide the coverage. Why the differen..
veraging Organizational Behavior and Management to Maximize Business Success Presentation Due at Midnight EST
The goal of this experience is to learn how to trade derivatives on an actual trading platform. You will learn much more about futures and options when you trade these products. Additionally, learning the trading mechanics will boost your confidenc..
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