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Suppose demand and supply are given by:
Qdx = 14 - 0.5 Px and Qsx = .25 Px - 1
a) Determine the equilibrium price and quantitiy.
b) Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity.
c) How much tax revenue does the government earn with the $12 tax?
Consider a market characterized by the following demand and supply curves: Qd = 1600- 20p and Qs = - 900 + 30p. Calculate the change in producer's surplus. Calculate the deadweight loss of the price ceiling.
determine the breakeven output and total sales revenues. determine the output that would generate a total profit of $60,000 and the total sales revenues at the output level (Do not draw chart)
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Discuss which economic relationships you have studied up until now (not just in this class, but in all your economics classes) could be estimated using the simple linear regression model as well as the information you would need to estimate such a re..
Discuss how cloud computing differs from computing on physical machines. Identify how these differences affect the methods companies use to secure their cloud.
Using the factors that influence the natural unemployment rate, explain what would cause the natural unemployment rate to increase.
Lone Star Industries offers online automobile Insurance to preferred risk drivers in the state of Texas. The company is the low cost provider of insurance in the market with fixed costs of $18 million per year, plus variable costs of $750 for each dr..
An elderly lady owns a home for which she had completely paid. She arranges a reverse mortgage for $100,000 whereby she will receive monthly payments for the home form a bank. She will be allowed to live in the house until her death, whereupon her es..
Utility is a satisfaction that an individual derives from consuming or using a specific good or service. Total utility indicates the total amount of satisfaction or pleasure an individual derives from consuming some specific quantity of a good or ser..
Suppose the market for gelato is perfectly competitive, and that gelato is a constant cost industry. The long-run cost function for producing gelato is TC(Q) = Q^3 ? 2Q^2 + 5Q. The demand for gelato is Q = 300 - 2p
Suppose you own a movie theater and most of your costs (the film rental, security, the land rental, etc.) are independent of how many people show up. What is likely to be the point elasticity of demand at the price you decide to charge?
In July, the Department of Justice opened an investigation related to possible collusion and price fixing. What created the suspicion of collusion? Also research this case and share some details. What is currently happening? The Airline industry is n..
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