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Suppose the current price of gasoline at the pump is $1 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 3 $0.10 5 $100,000). What assumption is she making
some firms leave the industry and the industry returns back to a long-run equilibrium. Illustrate what will be the new equilibrium price, assuming cost conditions in the industry remain constant.
If the government wanted to achieve the same change in GDP as in part 8 by cutting taxes instead of increasing spending, how large would the tax cut need to be.
If Englad can produce either 15 units of corn or 30 sweaters in one unit of labor and Portugal can produce 10 units of corn and 5 sweater in one unit of labor as well, explain how would each nation benefit (numerically) from trade.
Assume that the industry wants to expand and has to make some long-term capital budgeting decisions. Now the industry is confronted with government regulations to oversee the merger.
Elucidate the way in which short-run AFC, AVC, ATC also MC vary as the output of the firm increases.
Illustrate what would be natural rate of unemployment if a baby boom led to a year in which teenagers made up 20% of labour force.
Illustrate what occurs to consumer also producer surplus when the sale of a good is taxed
Assuming that all buyers received the credit, estimate the own cost elasticity of demand as well as well as own cost elasticity of supply.
Illustrate what is the unemployment rate. Karen sharpens knives in her spare time for extra income.
Michael spends $10 a month on both Pez dispensers and Superman action. His marginal-utility-to-price ratio for the Pez dispensers is 40.
The economy has recently turned around, and one of your colleagues suggests that you could hire 25 people for $50,000 per employee to do the sales job as independent agents at a cost of goods sold (COGS) of only 0.5%. What concerns might you have abo..
Find out the equilibrium price and quantity that will prevail in the market. At a price of $10, would there be a surplus or shortage.
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