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The market for tennis shoes has a horizontal supply curve and a linear, downward-sloping demand curve. Currently the government imposes a tax of t on every pair of tennis shoes sold and does not tax other goods. The government is considering a plan to double the tax on tennis shoes, while leaving other goods untaxed. Which of the following statements is correct. Justify your answer graphically. If the tax is doubled, then
1. the total deadweight loss caused by the doubled tax will be exactly twice the original deadweight loss.
2. the total deadweight loss caused by the doubled tax will be more than twice the original deadweight loss.
3. the total deadweight loss caused by the doubled tax will be less than twice the original deadweight loss.
4. to know if doubling the tax would more than double the deadweight loss, we would have to know the slope of the demand curve.
You and your roommate are in a tough position. Both of you value a clean apartment at 100, and a dirty apartment at 30. The total cost of cleaning the apartment is 80. This means that, if you both clean the apartment, you both get a payoff of 60. Lay..
Suppose market demand and supply are given by Qd=100-2P and Qs=5+3p. If a price floor of $30 is set, what will be size of the resulting surplus?
Identify a cultural practice that is considered acceptable in one country but is not acceptable in another. What are some cultural considerations that affect the resulting ethical perspectives in differing cultures?
Please explain the current situation of employment in the United States; how does it differ for the long-term unemployed (over 6 months)
Smith Co saw a reduction in quantity of widgets is sold, down to 900 units. What is cross elasticity of demand between two brands of widgets.
Explain why physician groups and health service workers’ unions prefer stricter licensure requirements rather than cost control efforts from legislators. What are the most difficult aspects of the Coase Theorem in solving a problem like spread of a d..
St. Joseph Health Center in St. Charles, Missouri, is on a quest to improve quality. Although good quality is important in any organization, it is especially vital (and urgent) in a medical setting. Would you recommend that St. Joseph's top managers ..
Assume that in an election voters are distributed on different positions from 1 to 10 (extremely leftist to extremely rightist) and that instead of having voters distributed uniformly across 10 regions, suppose that position 1 has a different number ..
The majority of the world's diamonds comes from Country A and Country B. Suppose that the marginal cost of mining a diamond is $1,000 per diamond and that the demand schedule for diamonds is as follow there is moreshow problemThe majority of the worl..
When one person saves which person's wealth is increased, meaning which he or she can consume more in the future. But when everyone saves, everyone's income falls, meaning which everyone must consume less today. Explain this seeming contradiction
What are agglomeration economies, localization economies, and urbanization economies? How do they affect business costs? Provide examples of each.
explain how much the annual U.S. GDP and GNP in 2010 changed due to her job relocation.
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