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The government of Watertown requires that all residents of the city register their cars in the city. It has put a 1.21% city tax on that value of cars registered in the city. Watertown collects no other specific excise taxes, and all other government revenues come from a neutral lump-sum tax. The burden of the tax if fully borne by consumers. Before the tax there were 125,880 cars registered in the city. After the tax, there are 117,086 cars are registered in the city. The average value of a registered car is $20,500 1) how much revenue is raised with the tax? (Nearest whole number) 2) How much is the excess burden of the tax? (Nearest whole number) 3) what is the excess burden as a percent of the revenue raised from the tax?
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
Assume that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.
what is the cpi consumer price index and what significance does it hold in regards to goods and services? please
Show that the optimal amount of the public good isthe same in every Pare to efficient allocation. What is this amount? Will the optimalamount of the public good change if the initial wealths of the two individuals change?
what are the advantages and disadvantages of a weak versus a strong dollar for imports exports international and
Which of the following is NOT a condition for price discrimination? Different groups of consumers should be charged differing prices for the same product. The firm's demand curve should be downward sloping.
Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making.
With food on the horizontal axis and clothing on the vertical axis, identify on a graph the set of points that give Bridget the same level of utility as the bundle (10,5). Do the same for Erin on a separate graph.
A country's long -run equilibrium price level has increased, but the position of its aggregate demand schedule has not changed. what has happened what specific factors might have accounted for this event
If there are diminishing returns to the variable input, will average variable cost necessarily increase with increase in output?
Teton National Park in Wyoming In addition to uncovering the marginal benefit to visitors from a given number of trips, the researchers also considered how the population of bighorn sheep affects the marginal benefits from visitation. This study reve..
At the time this book went to print, the minimum wage was $5.85. To find the current value of the CPI, go to Click on Consumer Price Index-All Urban Consumers (Current Series) and select U.S. All items. This will give you the CPI from 1913 to the pre..
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