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Consider the following market QD= 15-2P QS= 5P-2.5, with the government imposing a tax of 1.4 dollars per unit
a. Find the consumer, producer and total surpluses.
b. What is the tax burden for each of the market participant? (Through a previous problem, I figured that the tax revenue TR is 11.2, consumer price is 16, and producer price is 6.4).
To maximize profit a price discriminating firm should
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Classify each of the following statements as positive or normative. Explain. Society faces a short-run trade-off between inflation and unemployment. a reduction in the rate of money growth will reduce the rate of inflation. The Federal Reserve should..
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Estimate the relative importance of economies of scale and comparative advantage in causing the following:Much of the world's most expensive wine comes from France.
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elucidate how the proposed carbon tax for australia would help reduce negative externalities, pollution levels in australia.
A specific McDonald’s franchise owner is looking at elasticities of Big Macs. E(p)= 2 (Price), E(i)=1 (Income), E(mt)=1.5 (m=Big Mac, t= Taco). The franchise owner would like to increase the price of Big Macs by 6%. If the owner wants to keep units s..
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