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According to studies undertaken by the US Department of Agriculture, the price elasticity of demand for cigarettes is between 0.3 and 4 and the income elasticity is about + 0.5.
1. Suppose Congress, influenced by studies linking cigarette smoking to cancer, plans to raise the excise tax on cigarettes so the price rises by 10%. Estimate the effect the price increase will have on cigarette consumption and consumer spending on cigarettes (in percentage terms).
2. Suppose a major brokerage firm advised its clients to buy cigarette stocks under the assumption that, if consumer incomes rise by 50% as expected over the next decade, cigarette sales will double. What is your reaction to this investment advice?
If I own 1,000 shares of company ABC, which yields $.50 per share. That would equal to $500. So, my question is this, when dealing with stocks that pay dividend on a monthly basis, could I expect to receive those $500 every month, or would it be s..
Consider the problem of the book assuming that the utility is Cobb-Douglas (U (C, l) = C α l β )
An unwritten, unspoken contract, also known as "a contract implied by the acts of the parties", which can be either an implied-in-fact contract implied-in-law contract, may also be legally binding?
1. What will happen to the equilibrium price and quantity for jelly when the price of peanut butter increases? (Assume that peanut butter and jelly are typically consumed together).
Arise in U.S. inflation causes many U.S. residents to buy gold, which is a major South African export good, as a hedge against inflation.
Indian economies that shows how relative price declines in exportable services that lead to the "outsourcing" of services can reduce welfare in the United States and increase welfare in India.
Illustrate what will be the consumer consumption of gasoline now and how much will be the amount of rebate.
What are the two characteristics that must be met for a good to be considered a "public good?" Define the Consumer surplus, Producer surplus, Total welfare and Deadweight loss.
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by about 10 percent as a result.
Utilizing fully explained indifference curve analysis, derive a demand curve for a product.
Four companies calculate their fixed costs per period of production, and their variable costs per unit of product during the period. Each company sets a selling price and calculates the number of units of product that must be manufactured and sold..
Utilizing the supply and demand model, explain what would happen to the supply curve during a drought. Also explain the affect on the price of water.
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