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If the government imposes a quantity tax on the consumption of a good, it means that the consumer has to pay for each unit of the good its price plus the tax. For example, if the price of a chocolate bar is $5 and the government imposes a tax of 20 cents on the consumption of a chocolate bar, then the actual price the consumer pays for a chocolate bar is $5 + $0.2 = $5.20. Suppose there are two goods available for consumption, good 1 and good 2, and that the government taxes consumption of good 2 that is in excess of quantity ¯ x2 (that is, consumption of good 2 up to quantity ¯ x2 is exempt of tax). Denote by t the amount of dollars a consumer has to pay for every unity she consumes in excess of ¯ x2.Draw the budget set of a consumer with income m. Is the slope of the budget line constant?
calculate the percentage change from 2001 to 2002 in nominal GDP, real GDP, and the price level. What is the value of the GDP deflator in 2002?
Tom Reardon and his next door neighbor, Rich O’Donnell were carpooling to work one morning when the engine of Tom’s car started to sputter. This started a chain of events that eventually led Tom to decide that he needed a new car. Why do dealerships ..
how much more money will Edward repay compared with what Jorge owes (moral:you want a high FICO score)? Assume monthly compounding of interest.
Karen Dynan, a former Federal Reserve economist, was quoted as stating: The size of the Fed’s balance sheet, which has more than doubled since the financial crisis of 2008, and the large amount of reserves sitting at the Fed has made officials at the..
PiR8 Systems has borrowed a sum of $2.5M from a bank at interest rate of 4.5%. The company also borrowed $0.5M from other sources at a interest rate of 4%. Additionally the owners have invested $2.5M in the business with the intention of earning 15% ..
How will the money supply be affected by this transaction ? what is the ultimate change in deposits, loans, and reserves in the banking system? Explain in detail.
He has an endowment of w1 = 100 and w2 = 0 and faces relative prices p1/p2 = 2. If the relative price decreases to 1, what are the Slutzky substitution and income effects on the consumption of good 1?
Show the effect of Business Cycle on Inflation. Show the effect of Business Cycle on unemployment. Show the relationship between employment, inflation and business cycle
A market consequence of the establishment of a price floor program is that price will be:
During the recent 2007-2009 economic contraction, nominal interest rates fell to nearly 0% while the rate of inflation remained positive. What happened to the real interest rate? How would this movement in the real interest rate affect decisions to s..
Which of the following is viewed as a fundamental building block of the U.S. economic way of thinking?
Mary plans to attend college and to pay her own way. Mary's parents of course, want to help her out financially and are trying to decide how best to do it. They want to do whichever will please Mary the most. Using indifference curve analysis, help M..
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