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1. Suppose that the government institutes a sales tax on purchases of paper plates. Graph the effects of this tax.
2. Sometimes countries will put price ceilings on basic foodstuffs, in an effort to assure that its poorest citizens will be able to afford to eat. Suppose a country puts a price ceiling on the price of rice (and that the ceiling is set below the equilibrium market price).
a. In the very short run, suppose that the supply of rice is perfectly inelastic, since it depends only on the size of a national rice harvest that has already taken place. Assuming that demand is moderately elastic, illustrate graphically the effects on consumer and producer surplus.
b. Over a longer span of time, rice farmers will be able to adjust the amount of rice that they grow. Illustrate graphically the effect on consumer and producer surplus when the supply and demand for rice are both moderately elastic.
c. Supposing that the majority of rice eaters are workers who live in cities, while rice is grown by many small farmers living in the countryside. Describe the likely effects of this policy on urban and rural well-being, and on well-being overall.
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
What will be the net future worth at the end of year 12 of the following income and expenses at an interest rate of 10% per year: Year Income, $ Expenses, $ 0 15,000 11,000 6 - 12 8,000 4,000 1 - 5 9,000 5,000
In the past, 20% of applicants for admission into a master's program had GRE scores above 650. Of the 88 students applying to be admitted into the program in 1981, 22 had GRE scores above 650. Do the 1981 applicants have greater GRE scores than pr..
the table shows the miaximum amount of money you would be willing to pay for increasing numbers of chicken pieces at
What percentage of the variation in sleep is explained by the three X-variables? (Write your answer below and underline in STATA output)
Dan loves pizza. His firm, Dan’s Pizza Company, makes frozen pizzas. The market price of a pizza is $15, and Dan is a price taker. His daily cost of making pizzas is C(Q) = 5Q + Q2/80, and his marginal cost is MC = 5 + Q/40.has an avoidable fixed cos..
The group recently spent $100,000 to plant the gardens. The members want to set up a perpetual fund to provide $100,000 for future replantings of the gardens every 10 years. If interest is 5%, how much money would be needed to forever pay the cost..
Suppose the number of points on an economics midterm (P) can be characterized by the following production function: P = 10H-4B where H is the number of hours spend studying and B is the number of beers in the week prior to the midterm.
conduct an analysis of a recent article and provide their evaluation and outcome expectations in a written paper of 1500-2500 words that discusses: A minimum of three general economic principles related to the article
Amalgamated Popcorn, Inc. is a fairly small firm selling bags of flavored gourmet popcorn in a popular mall. As shop owner and operator, you have observed that your daily sales tend to follow a pattern that can be stated as: QP = 500 - 100PP + 1.2..
Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off
What roles do attitudes toward risk play in your choice? If you were the employer, how might you frame the choice to encourage the defined contribution rather than the defined benefit plan?
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