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The market demand and supply functions for toothpaste are: Qd=12-0.04P and Qs=3.8P+4 Calculate:
a. The equilibrium quantity and price.
b. The demand and supply point elasticity in equilibrium.
c. The slopes of the demand and supply equations are different. By making reference to the slopes, explain why the demand elasticity at the equilibrium price and quantity is significantly larger/smaller than the supply elasticity.
d. Suppose the toothpaste market is taxed $0.25 per unit. What price is now charge to consumers?
e. What percentage of the burden of the tax is paid for by consumers?
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent..
Between 2009 and 2010, the poverty rate increased for non-Hispanic Whites (from 9.4 percent to 9.9 percent), for Blacks (from 25.8 percent to 27.4 percent), and for Hispanics (from 25.3 percent to 26.6 percent). For Asians, the 2010 poverty rate (..
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You and a classmate are assigned a project on which you will receive one combined grade. You each want to receive a good grade, but you also want to avoid hard work. In particular, here is the situation If both of you work hard, you both get an A, ..
Calculate the overall rate of interest the couple will pay using this arrangement. If you answer using a percent, please include a minimum of two significant digits in your answer. If you answer using a decimal, please include a minimum of four ..
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