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Suppose the demand and supply curves for a large cheese pizza are given by:
Qd = 100 – 5P
Qs = 12 + 3P.
Using the demand and supply functions above, the equilibrium price of a pizza is ____, and the equilibrium quantity is ____. Illustrate your answer.
On the same graph above, show the effect on equilibrium price and quantity of a) an increase in the price of cheese, and b) a decrease in consumer income (assume pizza is a normal good)
Compute CS, PS and aggregate surplus. Illustrate on Graph.
Government wants to increase its revenues. Legislators decide that they will impose an excise tax of $2 per pizza on pizza vendors. Using the demand and supply curves above, the new equilibrium price and quantity of Pizza’s would be _____, ______. The producers will receive a net of tax price of ____. The government will collect total tax revenue of ______. Illustrate your answer.
Compute DWL. Illustrate DWL in the graph above. Briefly explain why the tax causes a dead weight loss.
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Determinant of bordered Hessian matrix is 57,600. F. If income went up by $1.00, by how much would utility rise.
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Estimate each of these alternatives from the perspective of economic efficiency, equity, and the likely long-term impact on the firm.
Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economys cow population.
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the pilots will receive options to buy 14 million shares of the firm's stock over the next 10 years. What impact do you think this new contract will have on Southwest Airlines?
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just about everyone agrees that there is a legitimate and important role for government in business. where the
This might be interpreted as an upward shift in the consumption function. How does this shift affect investment also the interest rate.
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