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a) Using both market and firm graphs for a perfectly competitive industry, show the effect of an increase in consumers’ income taxes. Assume the representative firm and market begin in long run equilibrium. Illustrate the short run effect on price, output, and profits, assuming this firm does not shut down. Label your graphs and explain your answer.
b) Assuming the representative firm does not withdraw from the market, show the long run effect on price, output, and profits. Label your graphs and explain your answer.
Suppose that Italy and Sweden both produce jeans and stained glass. Italy's opportunity cost of producing a pane of stained glass is 4 pairs of jeans while Sweden's opportunity cost of producing a pane of stained glass is 10 pairs of jeans.
Illustrate what was the growth rate of the GDP deflator between 1999 and 2000. Elucidate what was real GDP in 1999 measured in 1996 prices.
the manufacturer of perfume enters into agreement with several distributor about the price at which the distributors can resell the perfume. The manufacturers who do not agree to the pricing suggestion are not able to sell the perfume.what is The..
Differentiate process of creating money from minting coins or printing bills. Explain how the Federal Reserve System uses government borrowing to create money. Describe at least one other method by which new money can be created by any financial inst..
Illustrate what is the marginal revenue product function. Assume which most workers in Pakistan work 48 hours per week also which there are four weeks in a month.
State the author’s argument and whether you agree or disagree. State your rationale. Why do you agree or disagree with the argument presented?
Next, suppose that the government establishes a price floor of $4.60 for wheat. What will be the main effects of this price floor? Demonstrate your answer graphically.
Calculating savings using the goods market equilibrium. Assume a closed economy (NX = 0). Suppose net taxes are $100 billion. Government spending is $125 billion. Investment is $50 billion and consumption is $100 billion. Calculate public savings, pr..
In this problem you will analyse how optimal household's choices react in response to a change in the timing of distortionary taxes. Consider the two-period model of the household. Suppose that the consumer has current income of y, future income of y..
If mortgage rates rise from 5% to 10% but the expected rate of increase in housing prices rises from 2% to 9% , are people more or less to buy houses. IRs was lower in the mid-1980s than in the late 1970s, yet many economists have commented that real..
Classify each of the following pricing strategies and explain. A local restaurant offers an "all you can eat" salad bar for $3.49. With any sand which, a customer can add the "all you can eat" sales bar for $1.49.
For each of the following assume that the demand curve shifts while the supply curve remains constant. What is the direction of the demand shift and relative elasticity of supply? Prices do not change. Quantity increases significantly. Price falls si..
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