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Among the tax proposals regularly considered by Congress is an additional tax on distilled liquors. The tax would not apply to beer. The price elasticity of supply of liquor is 4.0, and the price elasticity of demand is -0.2. The cross-elasticity of demand for beer with respect to the price of liquor is.
a. If the new tax is imposed, who will bear the greater burden-liquor suppliers or liquor consumers? Why?
b. Assuming that beer supply is infinitely elastic, how will the new tax affect the beer market?
Discuss two situations in which you made a decision by weighing the marginal cost and marginal benefits. Explain your rationale in economic terms, such as the marginal principle and principle of diminishing returns.
The oil price shock of 1980 sent gasoline prices sharply higher. Coal prices moved in sympathy with oil prices, with the result that coal companies earned pure economic profits
Many people believe that suburbanization is a phenomenon that started to develop in the 1950s. If we examine land use patterns in the United States, why is the concept of decentralization call a better description of the process
The questions asked that suppose that, because of important technological improvements, the society in question can double its production of tractors at each level of food production.
Suppose A and B choose the amount they spend on the school independently. What is the Nash equilibrium level of the school's quality in Little Society?
In short run, assume that all the costs [except film rental and concessions] at a theater are fixed, and that each theater can seat five hundred people per day, no more.
Government spending is often too small to have the impact that governments usually want to see on the economy. However, something occurs in the economy after the initial government injection which makes the end result much larger than the initial ..
A profit maximizing monopolist is earning a positive economic profit. The wage it pays its workers rises. How will the firms choice of Price and Quanity change in response to the wage increase. Use a diagram in your answer.
What is kenyas factor of production for their land and labor. which means what percentage do they use their land for what.
The manager at Sherwin -Williams store has decided to purchase a new $30,000 paint-mixing with hi-tech instrumentation for matching color and other components. The machine may be paid for in one of two ways:
If he deposits %5000 each year, how much will his daughter be able to withdraw each year starting in year 18 and continuing through year 22? Assume the account earns interest at 8% a year.
A theater that shows the same movie to large families and to individuals and couples. (Hint: For which set of people will the overall expense of a movie be a larger part of their budget, so that demand is more elastic)
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