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Consider a perfectly competitive market in which the government can impose a per-unit tax t ≥ 0. Imagine that we can predict the equilibrium price that consumers pay for each level of t and that this is given by pc(t) = .5t + 3. Suppose that all firms in the market are identical and that the supply function of 2 each firm is q∗(p) = p + 2. The government is currently setting t = 2. Calculate the effect of a marginal increase in t on the profit that each firm makes in equilibrium.
Consider an exchange economy in which each consumer has a complete, transitive and strictly convex preference ordering over a convex consumption set. Does the first welfare theorem hold for this economy
1. provide an example of each of the factors of production and how the government may alter the factor to expand the
Expansionary Fiscal Policy - Explain the actions the federal government would take while engaging in expansionary fiscal policy in terms.
how much would government spending need to change to close the recessionary gap?
Normal 0 false false false EN-US X-NONE X-NONE Suppose that before the dro..
The goal of the final project for this course is to develop a business idea into an original business plan. To complete the business plan due in Week Five, you will be assigned a part of the process.
What is the equilibrium? If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described above?
Suppose that the government imposed a price floor on wages (minimum wage) in order to make sure that workers can earn a living wage. Is this a price floor? What are the economic implications of this action in the labour markets? Use graphs as require..
Explain this relationship using at least two examples that incorporates all three concepts and explain how Demand, Elasticity, and Total Revenue are all related to each other
What is the Tiebout hypothesis? What are the conditions, according to Tiebout, that lead to the most efficient public tax and spending outcomes?
What is the equilibrium wage? What is the equilibrium quantity of workers employed? How many workers does each firm employ - What should be the price at which firm B sells its product if both firms are maximizing their profits?
Identify whether or not the following statements are normative (N) or positive (P) - What is the slope of the PPF represented in the above table?
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