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Suppose the current price of gasoline at the pump is $3.89 per gallon and that 1 million gallons are sold per month. A politician proposes to add a 10¢ tax to the price of a gallon of gasoline. She says the tax will generate $100,000 tax revenues per month (1 million gallons × $0.10 = $100,000). What assumption is she making in terms of price elasticity of demand? Is she correct in her assumption? Please explain
Externalities are third party consequence of some other action. They can be positive or negative externalities and they impose a benefit or cost to a third party.
Suppose a monopolist producing Q units of output faces the demand curve P = 20 - Q. Its total cost when producing Q units of output is TC = F + Q2, where F is a fixed cost. The marginal cost is MC = 2Q.
suppose you have 500 in savings when the price level index is at 100.a if inflation pushes the price level up by 10
Write a small research paper (critique) about 3 pages double spaces where the main focus is Cost Functions (Model of Short-Run Cost Functions) in the paper include some examples
A machine is purchased for $150,000. Revenue for the first year was $50,000. Over the total estimated life of 8 years, what must the annual revenue for years 2 through 8 equal to recover the investment, if costs are constant at $42,000 and a ret..
In a perfectly competitive industry if each firm is identical then we can calculate the number of firms in the industry by
select a nation that has a low per capita income and discuss how the catch-up effect would work for that country.
1. assume that a firm has a total product curve given by q 2kl.a graph the total marginal and average product curves
Cournot Revisited: Consider the Cournot duopoly model in which two firms
Question 1. How is the life-cycle pattern of income related to the measurement of income equality at a point in time? What are the differences between social insurance programs and income assistance programs?
1. in john stossels article in praise of price gouging stossel argues that a law banning price gouging would result in
In attempt to increase revenue and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising.
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