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The utility function of a consumer is given by U = log(b) + log(c) where b and c are the consumption levels of barley and corn. Assume that the price for both goods is $1 and that the consumer has an income of $100. Assume that the government introduces unit taxes of $1 on barley and corn such that the after-tax price for barley and corn is $2 (hence, the consumer bears the economic incidence of the tax).
Calculate the optimal quantities of barley and corn both before and after the implementation of the tax.
Use the inverse elasticity rule to conclude that both goods should be subject to the same level of tax. (Hint: calculate the elasticities at the equilibrium before the tax)
Calculate the unit tax required to obtain a level of revenue of R = 60 using the fact that the demand for barley (corn) is given by b = 50/(1+tb) (c=50/(1+tc)).
Original owners must sell their used cars. Original owners know what their cars are worth, but buyers can't determine a cars quality until they buy it.
List and describe the firms in the Industry. Describe the product, production methods, scale of production, and sources for raw materials. What technologies are used?
q. pickles at the sour pickles ranch are picked either by labor or by a machine. labor can be obtained very cheaply -
Determine its level of profit. (b) Suppose that a fixed costs increase to $75. Verify that this change in fixed costs does not affect the firm's optimal output.
Home and Foreign are two identical countries except that people in Home work twice as hard of those in Foreign. Each has two industries (Steel and Shoe industries), where steel production is capital intensive and shoe production is labor intensive. U..
What happens to the profits of boat makers in the short run. What happens to the number of boat makers in the long run.
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Assume which, in the efficiency wage model, it becomes more difficult for the ?rm to distinguish high-ability workers from low-ability workers in the labor market.
Illustrate what was the growth rate of the GDP deflator between 2007 and 2008. What was real GDP in 2007 measured in 2000 prices.
q.midcontinent plastics makes 80 fiberglass truck hoods every day for large truck manufacturers. each hood sells for
After reading the short story, "The Fatal Equilibrium," use the Mundell-Fleming model to explain precisely how the inspector figured out who the murderer was.
2. consider toms labor supply decision. tom can earn 15 per hour but he faces a 20 tax rate and pays 4 per hour in
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