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Question1. Governments have sometimes not remembered about elasticity when they formulate tax rule. A few years before the city fathers in Washington DC wanted to raise revenues so they raised gas tax by ten cents a gallon. Revenues from gasoline taxes decreased instead of increasing. The tax increase also managed to put several service stations out of business. Why?
Question2. Using the total revenue test for elasticity, when there is a direct relationship between price and total revenue the demand is elastic.
Question3. Economic activity is not a zero sum game. When trade takes place in a market without force or fraud both parties can win.
Question4. Profit and loss determines how the factors of production are allocated?
Assume that the book printing industry is competitive and starts in a long-run equilibrium. Make a diagram describing the typical company in the industry.
Assume the normal production process for beet sugar uses high sulfur oil for fuel and releases two units of sulfur dioxide to the air for every ton of beet sugar manufactured.
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
Assume each worker is paid $10 per hour and works a 40-hours week. How many workers should the firm hire if the price of the output is $ 10? Suppose the price of the output falls to $7.50.What do you think would be the short-run impact on the firm..
The Apollo Products Company currently collects all of its customer payments in Detroit. By going to a new lock box system with boxes in Los Angeles, Boston, and Atlanta, Apollo Products can reduce the total time it takes to convert customer paymen..
Societies are frequently concerned about whether police are vigilant in carrying out their responsibilities. Many societies have experimented with incentive compensation for police.
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
Assume that the government decreases spending by one hundred billion dollar. What happens to aggregate demand and discuss the differences between fixed and variable taxes.
Which of the following is a characteristic of both monopolistic competition and perfect competition?
When negative or positive externalities exist economists say that market has unsuccessful to make the right amount of the good at the right price. What do economists mean through this?
In what particular ways (if any) does a college education increase a worker's productivity? Take some special care with this problem.
Compare the work and formulas for computation of Expected Value, Absolute Risk Measurement, and Relative Risk for both projects.
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