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Suppose that government imposes a $5 excise tax on each case of beer. The beer industry faces the following demand and supply curves before the tax.
Qd = 100 – 3P
Qs = 20 + 2P
1. Determine the equilibrium price and quantity before and after the tax.
2. How much tax revenue does the government receive?
3. What is the consumer’s tax burden? The producer’s burden?
4. The dead-weight loss?
Assume that we draw two random samples of students from Coles college of Business. One group includes 10 economics majors and another includes 30 finance majors. From these two groups we obtain the following statistics regarding the performance on th..
An engineer decides to set aside money in a 529 Plan for his newborn's college education. He estimates that the child's needs will be $48,000 on her 18th, 19th, 20th, and 21st birthdays. If he plans to make uniform deposits starting 3 years from now ..
The text notes that, if demand reversal were the cause of the Leontief paradox, then labor would be relatively cheap in the United States. Explain the reasoning behind this statement.
Using the loanable funds theory, show in a graph how the following events will affect the supply and demand for loans and the equilibrium nominal interest rate: Recent signs of economic growth cause an increase in the public's expectations of future ..
Which of the following will improve your salary bargaining position: In the sequential labor negotiation game:
Two firms, A and B, compete à la Bertrand when selling a homogeneous good whose demand equals P = 400 − Q. Each firm’s constant marginal and average cost of producing the good equals 60. What is the equilibrium without a patent system? Is the patent ..
Suppose the initially, real GDP is $14 trillion. The government wishes to increase real GDP to $15 trillion. The marginal propensity to consume (MPC) is 0.8 and every $1.00 increase in real government spending crowds out $0.50 in real plan investment..
In the following two panels, the demand for good X shifts due to a change in income (Panel A) and a change in the price of a related good Y (Panel B). Holding the price of good X constant at $50, calculate the following elasticitiesIn the following t..
What is the profit of each firm in equilibrium (problem 14)? REMEMBER THERE ARE NO COSTS
Consider the production function q=4L^.3K^.8. In the short run, assume K=5. Derive formulas for Total Product, Average Product, and Marginal Product. Graph these three functions.
Each firm can monitor the other's price very closely and can respond instantly
A company currently sells 60,000 units a month at $10 per unit. The marginal cost per unit is $6. The company is considering raising the price by 10% to $11. Your boss tells you that price cannot drop below $9 because you cannot earn enough profit t..
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