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If the government imposes a quantity tax on the consumption of a good, it means that the consumer has to pay for each unit of the good its price plus the tax. For example, if the price of a chocolate bar is $5 and the government imposes a tax of 20 cents on the consumption of a chocolate bar, then the actual price the consumer pays for a chocolate bar is $5 + $0.2 = $5.20. Suppose there are two goods available for consumption, good 1 and good 2, and that the government taxes consumption of good 2 that is in excess of quantity x2 that is, consumption of good 2 up to quantity x2 is exempt of tax. Denote by t the amount of dollars a consumer has to pay for every unity she consumes in excess of x2.
Draw the budget set of a consumer with income m.
Is the slope of the budget line constant?
Using graphs, describe the economic impacts of a tariff on a nation welfare, and show how a tariff would affect the current equilibrium value and quantity and import levels within a market.
The mean time an American family lives in a particular single-family dwelling is 11.8 years. A sample of 100 families in the Sycamore, OK area shows the mean time living in a single family residence is 12.7 years. Can we conclude that the time peo..
Consider a firm with the following Cobb-Douglas production technology: f(k; l) = [k^(3/4)l^(1/4)] Suppose the firm faces competitive factor markets and wants to minimize the production cost of producing y units of output. a) Write down the firm's cos..
Make an analysis of the United State Fiscal Policy by addressing the following, differentiate the state of the economy. Determine the focus of the current fiscal policy?
Suppose the slope of the consumption function is 0.75 and there was an increase in income of $100. Calculate the increase in consumption.
Aztec depends heavily on advertising to sell its products. Management at Aztec is allowed to spend $2 million monthly on advertising-What is Aztec's elasticity of demand for advertising?
As all points on a contract curve are efficient, they are all equally desirable from a social point of view.
Given the following information, compute the real interest rate for years 2, 3, and 4. Suppose that each CPI number tells us the piece level at the end of each year.
Use the above data to answer the following questions-If the price of entertainment increases by 2 percent, what will happen to the quantity of food demanded? Please be specific
marketplace labor demand is typically more elastic in absolute value than market labor supply. A person who has a substitution effect that dominates his income effect will increase hours worked when an income tax is imposed.
Find the overall change in the economy's money supply if, when the reserve ratio is 5%, the Federal Reserve System buys $250 million of US government bonds from the banking system. What would have been the change if several billionaires deposited ..
Countdown to a new agreement might galvanize development assistance debates. What do you think will happen and should happen- and why.
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