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Suppose you are hired by the Martin Guitar Company as an economic consultant. You estimate the demand to be Q=8000-2P. Suppose the supply of Martin Guitars is given by Q= -2000+3P. Suppose a per-unit excise tax of $40 per guitar is levied on the consumers.
What price will sellers receive after the tax is levied?
What price will consumers pay after the tax is levied?
What percent of the tax will be paid by the consumers of Martin guitars?
What percent of the tax will be paid by the suppliers of Martin guitars?
How many guitars will be sold after the tax is imposed?
How much consumer surplus do consumers get after the tax?
What is the deadweight loss created by this tax?
Other things remain the same, what would be the short-run effect of a permanent increase in the Japan’s money supply on the Yen/Dollar (¥/$) exchange rate? What is the impact on the Yen/Dollar (¥/$) exchange rate if real GNP in Japan, due to the stim..
A life insurance salesperson claims the average worker in the city of Cincinnati has no more than $25,000 of personal life insurance. To test this claim, you randomly sample 100 workers in Cincinnati. You find that this sample of workers averages $26..
For the Utility function U(x,y) = y + (x)^1/2, calculate the following: Hicksian or Compensated demand functions. Expenditure function
If there were 60 firms in this market, the short-run equilibrium price of titanium would beper pound. At that price, firms in this industry would . Therefore, in the long run, firms would the titanium market.
Illustrate what fiscal and monetary policies would you recommend in order to close a recessionary gap. Would you recommend what expansionary polices.
Quantity of money demanded is positively related to the value of money and negitively related to the price. Used goods are not included in the Calculation of GDP. Nominal variables are measured in physical units.
Economists argue that some environments are more conducive to economic growth than others. One of the ways economists differentiate one environment from another is in terms of its institutions. An institution is the rules of the game in a society or,..
Assume the farmer buys insurance that pays 3$ if it doesn't rain but costs 2$. Illustrate what is their consumption when it rains.
Venture capitalists provide funds to finance new companies (start-ups), usually in return for a share of the firm’s initial profits (if any). Of course, venture capitalists look to back experienced entrepreneurs with strong products (or at least prod..
How does the short-run Phillips curve reflect a financial crisis as the one in 2008-2009?
Describe a situation that would call for applying one or more of any (dynamic economic model/legit model/random walk model/spurious regression/co integrated time series/tests of stationary). Explain your rationale for applying the model you chose.
Firms hurt by cheap imports typically argue that restricting trade will save U.S. jobs. What’s wrong with this argument? Are there ever any reasons to support such trade restrictions?
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