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Imagine a world with two individuals, a rich one denoted by R, and a poor one denoted by P. Both individuals consume gas, and their demands are given by QR = 100 - 0.5P and QP = 60 - P respectively, where P is the price of gas, and QR and QP are the quantities consumed. Imagine the price of gas is $40. The government wants to introduce a carbon tax of $10 per units of gas consumed, but is concerned about the impact it will have on the poor individual. (a) Is it possible to collect new tax revenue, and at the same time guarantee that the poor individual will not be made worse-off by the new carbon tax? Be specific, and make sure you calculate the final tax revenue. Assume the government is able to observe who is poor and who is rich. (b) So far, we have assumed that the supply of gas was perfectly elastic. Imagine that the supply was no longer perfectly elastic, would it be easier or harder to guarantee that the poor individual is not made worse-off by the new carbon tax? Be specific; using a graph may be helpful.
You are pension fund manager with a problem. You are constrained by regulation to hold 50% of your pension portfolio in shares, but you are very worried about a stock market crash and would like to hold only riskless bonds. You are not constrained..
What is the appropriate balance between private and public (i.e., government) activity. Think of a case where the government has intervened (or it was suggested that government intervene) in a previously private market
What is foreign aid and what is the goal of foreign aid? Does foreign aid promote economic development? Explain briefly. Your response should be at least 75 words in length.
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
Find the future value one year from now of a $7,000 investment at a 3 percent annual compound interest rate. Also calculate the future value if the investment is made for two years
Frederic Bastiat (1801 - 1850) was a French political economist famous for exploding popular economic misconceptions
The night before an economic exam, you decide to go to the movies instead of staying home and working your MyEconLab study plan. You get 50 percent on your exam compared with the 70 percent that you normally score.
Discuss the differences between unemployment and underemployment and give examples of each. Include in your contribution the differences between fiscal and monetary policy and how each would be used to reduce high levels of unemployment.
What is the purpose of the policy Why is the policy necessary The welfare of consumers, producers, and society (the winners and losers) before and after the policy The distribution of costs and benefits Does government intervention improve the si..
Implicit and explicit costs are different in that: implicit costs are opportunity costs; explicit costs are not. explicit costs are opportunity costs; implicit costs are not. the latter refer to non-expenditure costs and the former to monetary pay..
Are there any current subsidy or welfare issues that are being duscussed or addressed in parliament?
Apple recently launched the iPod nano under 2-different versions:2GB and 4GB. There are two types of customers of the iPod nano.
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