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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?
Which one shirts or sweaters, has a demand-elasticity which allow you to increase the price, sell fewer units BUT still increase your revenues.
As the author listed as the 1st profit of creation of approx 1000 private sector jobs. Describe the logic of this statement.
Findout the number of hours of skilled labor also the number of hours of unskilled labor which minimized the price of doing the project.
Utilizing the Solow Growth Model describe long-run growth in an economy. Explain why an economy should strive to reach its golden rule steady state level.
Smokey's Garage, Inc., provides routine auto diagnostics for customers in the Atlanta metropolitan area. Tests are supervised by skilled mechanics using equipment produced by two leading competitors in the auto test equipment industry. Records f..
A consumer, D Carroll, spends all of his income on 2 goods X and Y. The 2 goods are both normal but are not complementary. The price of good X is reduced but the price of good Y is unchanged. The consumer continues to spend all of his income on th..
The percentage change in the number of trips in central London gives you one of the numbers you need to calculate an estimate of the elasticity of demand. The other number you need is the percentage change in the price a driver pays for driving in..
Explain how many popsicles will be sold every day in the short run if the price rises to $2 each. In the long run, if the price rises to $2 each.
Compute the point price elasticity of demand for bearing grease. Compute the optional price for bearing grease if marginal cost is $4.50 per unit.
Economists insist on reviewing what happens as each assumption is relaxed one at a time. However, it is clear that in real world all four are relaxed simultaneously. Why does economic analysis insist on such an unrealistic analysis? The simple ..
Write a brief for the Central Banker of Ireland, outlining your recommendation on the interest rate that should be set at the next policy meeting.
Some people have suggested that forced population control is an efficient means of decreasing the Tragedy of Commons associated with our clean air and water resources.
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