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Measures of elasticity enhance our ability to study the magnitudes of changes in quantities in response to changes in prices (or income). This is especially important for policy, where the effectiveness of a tax depends, in part, on the elasticity of demand. We see this, for example, in the issue of “sin-taxes”, which are taxes on goods that have harmful effects, like sugar-sweetened beverages or cigarettes. Revenue from these taxes could potentially be used to reduce a budget deficit or to target spending for reducing public health costs associated with, say obesity or lung cancer. Explain the relationship between the elasticity of demand, the magnitude of consumer response, and the amount of revenue collected by the tax.
If GDP is increasing by 3% every year Explain how long will it take GDP to double. Given the same conditions above, Explain how long will it take Every Capita GDP to double if the population grows at 2%.
Cutter Company makes and sells table saw, which are designed to be safe if used properly. Erin buys a Cutter saw and lends it to her neighbot Frank. To reach a toolbox on a high shelf in his garage, Frank props the saw at an angle against a cabinet a..
q1. 1. herzberg concluded that pay was not a motivator. if you were paid to get better grades would you be motivated to
Opportunity cost is defined:
The country in this example is a large exporting country. Initially, the country exports motorbikes at the world price of $96. Motorbike producers lobby heavily and receive an export subsidy. What is the domestic price per bike after subsidy? What is..
q1. suppose that in case b in table 2.5 the united states exchanges 4w for 4c with the united kingdom.a in the terms of
The quality and amount of education the typical person receives caries substantially across countries. Assume that education (E) affects only the level of the efficiency of labour, and that countries are otherwise identical (in terms of saving rate, ..
Patrick chooses to use his time ‘free-time’: (a) working out or (b) reading. Patrick currently has 20 hours a week to allocate to these two activities. It takes Patrick 1.5 hour to work out and .5 hours to read. Patrick enjoys both activities, but he..
What would happen to GDP if the government hired unemployed workers, who had been amount $TR ain unemployment benefits, as government employees and now paid them $TR to do nothing? Explain.
There are two firms in a market for commercial dry suits. The market demand curve is P = 4,000 – 2.5Q, and each of the two firms has a total cost curve of C = 1,000 q with zero fixed costs. They have decided to collude with each other in order to obt..
If David's only illness this year results in an appendectomy, explain how many days will he choose to stay in the hospital
What is the value of the six month put option on the stock given the same underlying information for the call option. Verify that put/call parity holds for properly priced call and out options
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