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In 1991, California imposed a "snack tax" (a tax on snack food) in an attempt to help balance the state budget. A proposed alternative tax was a $0.12-per-pack increase in the cigarette tax. In a poll of 602 randomly selected California registered voters, 445 reported that they would have preferred the cigarette tax increase to the snack tax (Reno Gazette-Journal, Aug. 26, 1991). Estimate the true proportion of California registered voters who preferred the cigarette tax increase by constructing a 95% confidence interval.
Explain the impact the law of diminishing marginal returns has on both marginal cost and average total cost - with the aid of a diagram explain the long run average cost curve and the influences upon it.
Upon graduation, Steven purchases a new home theatre system for his apartment.To finance the system, he borrows $5,000 from a new credit card at 21% per year compounded monthly. He fully intends to pay off the loan in 1 year while making monthly paym..
Suppose that the return on short-term government securities (perceived to be risk-free) is 5%. Suppose also that the expected return required by the market for a portfolio with a beta of 1.6 is 18%. According to the capital asset pricing model (CAPM)..
Would a typical hedger be willing to pay a risk premium in order to hedge by buying foreign currency forward.
Total Return: You bought a share of 4% preferred stock for $100 last year. The market price for your stock is now $120. What was your total return for last year
Compute the compensated demand (at the new prices) for the following utility functions. Assume I = 1, initial prices are px = 1 = py, and price of x rises to p?x = 3 while py is unchanged.
In the labor market, the demand and supply model predicts that new technologies could raise the pay of high-skill labor but reduce the pay of low-skill labor. Explain why and demonstrate your point with a demand and supply diagram.
Assume that the monopolist has a cost that is always increasing with the quantity produced: C0(q) > 0 for every quantity q. What happens to the monopolist's quantity when the price elasticity of demand is always less than or equal to 1? Justify your ..
Under the responsibility scheme proposed by the Hong Kong government, households will be charged for solid waste disposal. Is this charge justifiable from an economics point of view? Explain your answer with a diagram. Is it fair to charge all househ..
The demand in Japan for new automobiles is elastic and sensitive to market prices. Given that, describe the effect of each of the following on the quantity demanded or the demand for new autos in Japan.
For a particular year, a company has gross annual income of $780,000, annual expenses of $270,000, and allowed depreciation of $60,000. The company is located in a state where the first $200,000 corporate income is tax-free, and any income above that..
Illustrate the effect of the price change. Be sure to fully label the graph and illustrate the gaines and losses in total revenue associated with the change. What happens to total revenue? Did you make demand elastic or inelastic? Why?
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