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1. Suppose the price of a pack of cigarettes is $30 and the cigarette consumption is 100,000 packs a day. The government now introduces a consumption tax of $10 on cigarettes. Cigarette consumption decreases to 80,000 packs a day. Assume that the demand for cigarettes is not perfectly inelastic. Draw on a single graph the original demand and supply curves and the new demand curve facing the producers, the price paid by the consumers and the price received by the producers. Label your graph accordingly. Will the price paid by the consumers be above, below, or equal to $40? Explain.
2. a) John always spends 10% of his income on buying CDs. What is his income elasticity of demand for CDs? Explain your answer.
b) Suppose John’s preference (taste) changes and he decides to always spend 20% of his income on buying CDs. What will happen to John’s demand curve for CDs? What will happen to his income elasticity of demand for CDs? Explain your answer.
To maximize profit a price discriminating firm should
q1. discuss the pros and cons of annuities when compared with other financial instruments and whether they provide a
Suppose there are two firms, Boors and Cudweiser, each selling identical-tasting nonalcoholic beer. Consumers of this beer have no brand loyalty so market demand can be expressed as P = 5 − .001(Qb + Qc). Boors operates with out-of-date technology an..
Two consumers Jorge and Admen, together own 1,000 baseball cards and 5,000 Pokémon cards.
Write down a formula that express the marginal product of labor in the short run as a function of the amount of labor used.
Assume that the market for wheat is perfect competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by TC = 1+Q+Q2 , which results in marginal cost of MC = 1+2Q. What..
Define carefully the difference between movements along the AD curve and shifts of the AD curve. Explain why an increase in potential output would shift out the AS curve and lead to a movement along the AD curve. What would be the effect of a decreas..
John and Deanna are married with two children. Both adults have college degrees, but Deanna has chosen not to enter the labor force, while John has worked continuously for 10 years. Suppose Deanna decides to enter the labor force and gets a job with ..
q.gdp taxes di c i g cig1250 200 800 300 200 1500 200 1000 300 200 1750 200 1200 300 200 2000 200 1400 300 200 2250 200
Elucidate how each of the following would affect the demand schedule you derived.
Calculate GNP, GDP, and aggregate income. GDP = $ GNP = $ Aggregate income = $ b) What is depreciation in this year? Depreciation = $ c) What is NDP? NDP = $
Explain briefly the system of system of the Balance of Payments Accounting for a country, including an explanation of the current account, the capital account, and the financial account.
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