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1. The equilibrium price of bananas is $4 a kilo in both city A and city B. The supply curve of bananas is the same in both cities. A price of $3 a kilo is set in both A and B. The price elasticity of demand is higher in city B. With the aid of two diagrams , explain in which city the shortage of bananas will be greatest.
2. Show the effect of placing an excise tax on cigarettes, mark clearly the price paid by consumers as Pc and the price received by producers as Py. Show the amount of tax revenue raised by the government and what proportion of this is paid by consumers and what proportion is paid by producers. Be careful to show any effects that elasticity may play in the distribution of the tax.
3. How do perfect competition and monopoly differ in terms of economic efficiency? Remember to define all your terms and use appropriate diagrams to illustrate your answer. 4. Explain what is meant by the term ‘externality' . Describe with the aid of a diagram a negative externality associated with consumption . Show theprivate and social costs or benefits in the market.
European Union labor costs exceed U.S. and British labor costs primarily because
identify the hard and soft technology used for both the domestic and global environments. this is not about computers
Submit a 4- to 5-page paper that addresses the following questions. Be sure to use references within the paper to support your answers. Show work for all calculations. 1. (a.) Suppose real GDP was $13.1 trillion in 2013 and $13.3 in 2014, what..
a purely competitive firm finds that the market price for its product is 25.00. it has a fixed cost of 100.00 and a
Discuss a situation in which either your firm used cost-plus pricing or you did business with a firm that used cost-plus pricing. Explain why this was a poor choice for the firm's price making decision. What should the firm have charged to maximize p..
How the Starting & Stopping of 3-Phase Motor from more than One Place Power & Control diagrams work ? include a Diagram with the answer
Currently, it is difficult to sue the federal goverment unless it agrees to be sued. If the law were changed so that lawsuits (such as by victims of the collapse of the I-35W bridge) were easier, how would this change the incentives of the goverme..
A firm with market power produces widgets at marginal cost of $10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?
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suppose two entities are considering collusion - to make things legal consider a situation similar to opec except
In response to the new federal regulation to provide the public with safe and wholesome seafood, an Alaska seafood processor is considering two new sanitation control systems to help monitor its seafood processing operations.
Who in the Ethiopian society has the most difficult time dealing with scarcity? What do they need most? How can their society provide for their wants and needs? Why are they so impoverished? What can their governments do to help, or hinder their coun..
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