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Let the market for cigarettes be characterized by the following information:
Qd = 70 – 5P [Demand]
Qs = 3P – 10 [Supply]
Suppose the government imposes a sales tax of $2 per unit. Answer questions.
1) Calculate the magnitude of the consumer surplus and producer surplus in the pre- tax equilibrium.
2) Calculate the tax revenue in the post-tax equilibrium.
3) Calculate the change in consumer surplus due to the sales tax.
4) Calculate the change in producer surplus due to the sales tax.
5) Calculate the Dead-Weight-Loss due to the sales tax.
Suppose that students are numbered 1-30. Students 1,4,7,10,... are firms, and others are workers. The firms are willing to hire a single worker, and their willingness to pay is their student number. A worker’s student number is the value of his leisu..
A manufacturer of aerospace products acquired a new multispindle, multi-turret turning center for $250,000. The machine will generate new revenue of $80,000 per year. Operating costs for the machine will average $10,000 per year. The company uses an ..
Explain why only two of the three objectives can be achieved at any point in time also they want to fix the nominal exchange rate, in order to stabilize the price level.
If you receive an inheritance of $10,000 today, how long do you have to invest it at 8% per year to be able to withdraw $2,000 every year forever? Assume the 8% per year is a return that you can depend on forever.
Coach Industries Inc. is a leading manufacturer of recreational vehicle products. Its products include travel trailers, fifth – wheel trailers (towed behind pick – up trucks), and van campers as well as parts and accessories. The inverse demand funct..
You decide today that given the current price level (i.e. cost of living) you would be willing to accept any job that pays at least $50, 000. You will not accept any o?er below this. Currently, the CPI is 238 (recall, the base year for the CPI is 198..
Consider the AS/AD model. Analyze the effect on the economy in the short run and in the long run after the following events: a). the Congress increases investment tax credits b). the congress decreases import tariffs. Determine in details how can mon..
Discuss in detail issues relating to the future of microfinance as a tool to reduce and alleviate poverty especially in the developing and least developed countries.
A local automotive parts factory produced 100 parts. The total variable cost of production was $400 and the average total cost of production was $9. what is the total cost? what is the total fixed cost? what is the average fixed cost?
In today's environment, competitive conditions are so intense that to survive in the global market, firms must exploit experience-based cost economies and location economies, they must transfer core competencies within the firm, and they must do all ..
Consider the following market QD= 15-2P QS= 5P-2.5, with the government imposing a tax of 1.4 dollars per unit. Find the consumer, producer and total surpluses. What is the tax burden for each of the market participant?
There are three firms in an economy: A, B, and C. Firm A buys $400 worth of goods from firm B and $240 worth of goods from firm C, and produces 220 units of output, which it sells at $7 per unit. How much would government get if it introduced an inco..
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