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The price elasticity of demand for cigarettes is 0.4. If government wants to reduce smoking in the population by 15 percent, by what percentage should it raise the price of cigarettes? Teenagers have a higher price elasticity of demand for cigarettes than people aged 20 and above. Suppose the price elasticity of teenager's demand for cigarettes is 0.8. If the government imposes a tax on cigarettes that raises the price to reduce overall smoking by 15 percent, by what percentage will the government reduce teenage smoking?
What is the profit maximizing level of output for this monopolist? What price will the firm charge? What profit will the firm earn and what are your answers to (a) if average consumer income is $30,000?
Consider a market characterized by the following demand and supply conditions: PX = 15 - 2QX and PX = 3 + 2QX. The equilibrium price and quantity are, respectively, a $3 and 9 units.
Suppose you have three indivisible assets, A, B and C with internal rates of return 2%, 5% and 10% respectively and initial costs of $1, $4, $5. Suppose you have $6.5 at 1% and can borrow at 8%. What is the incremental cost of funds on asset B?
In their song "Homeward Bound", Simon and Garfunkel talk about a singer on the road who has grown tired of the road. In part they say: Everyday's an endless stream Of cigarettes and magazines And each town looks the same to me The movies and the fac..
What happens to the scale of firms in the long run What motivates firms to choose the scale of operation that they do How does the market adjust in the long run when firms are earning short-run economic profits
business behavior and public policy1. define market power and then discuss the rationale for government regulation of
Use a diagram to show consumer surplus price of 8.00and production of 6 million meals per day. If price remain at 8.00but production were cut to 3 million meals per day.
Determine what is the cumulative change in concentration of iodide ion at each of these four times?
tiger-el is an upstream manufacturer of electric trains that sells wholesale to the great toy store the only such store
Suppose you decide to elicit high CEO effort when and if good luck occurs by paying the bonus for $1 billion outcomes only. what criticism can you see with this incentive contract plan.
Compute Calvin's profit-maximizing output level. Compute the Calvin's economic profits at this activity level. Is this activity level sustainable in long run?
To what extent do you think normative economic analysis, as opposed to positive economic analysis, determines our country's economic public rule decisions made by the government?
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