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The demand for football tickets is given by Q = 360 – 10P, and the supply of football tickets is given by Q = 20P (where P and Q are the market price and quantity respectively). i. Calculate the equilibrium price and quantity in this market. b. Now suppose that a $4 unit tax is imposed on sellers of football tickets. i. Calculate the new equilibrium price and quantity in the market for football tickets. ii. How much of the $4 unit tax is paid by the buyers? iii. How much of the $4 unit tax is paid by the sellers? [3 points] iv. How much revenue does government collect from that tax?
This is a historical look at a 100-year period of economic growth and production potential. In this 100-year period the world experienced multiple world wars, the ever-present business cycles, including the Great Depression, many natural disasters an..
Which of the following is a characteristic of civil law?
Other things equal, what effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram to show the expected effects of the equilibrium price level and the level of real output.
In the short run, when there is an increase in aggregate demand:
Sales are 3,100 at a price of $200 and 2,400 at a price of $300. Calculate the price of elasticities of demand using $200 as the base value; then use $300 as the base value. Calculate the arc price elasticity and compare the three calculations. How d..
Government survey takers determine that typical family expenditures each month in the year designated as the base year are as follows: In the year following the base year, the survey takers determine that pizzas have risen to $11 each, apartment rent..
The national debt is now $8,700,000,000,000. If the population of the United States is 300,000,000 what is each citizen's share of this debt? The national debt is rising at the rate of 1.69 billion dollars per day. Explain how much is each citizen..
What is the R-square of the regression - Can you forecast (predict) what happens to the average price of a house if the number of bedrooms increases from 3 to 4 (keeping everything else constant)?
Suppose consumer confidence falls as a result of a bursting housing market. How is this factor change likely to affect the IS and/or the LM curve? In response to this factor change, describe optimal fiscal policy.
Rent control is a form of government imposed price controls. How can rent control distort the market for apartments? Be sure to explain rent control by using your understanding of price ceilings and price floors.
Your firm rents a supply management system to hospitals. You have received a buyout offer of $5 million. You forecast a 25 percent chance that you will have profits of $10 million, a 35 percent chance that you will have profits of $6 million, and a 4..
Here are some hypothetical numbers used to illustrate the ideas of trade-offs, specialization, and comparative advantage. Assume Sri Lanka, using all her resources efficiently, can produce either 1,000 bags of rice OR 3,000 bags of tea. Let's also as..
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