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Write a 700- to 1,050-word paper in APA format describing the effects of taxation and price controls on the economy.
- Is the tax levied on the producers or consumers?
- How does the tax affect supply or demand?
- How does the tax affect the equilibrium price and quantity?
- In this market, describe a hypothetical situation where a price ceiling or floor could be imposed. What implications would this have for the market?
Global Widgets Corp is a manufacturing company that builds standardized galvanized metal benches for sports arenas and stadiums-Do you think one of these firms would be more likely to benefit from a de-centralized decision making organizational arc..
Find out average fixed costs when the firm produces 50 widgets per day. Find out average total and variable costs for producing 49 widgets.
What is the income elasticity? Interpret the elasticity in a mathematic and economic context -- what does this number tell you? Is the own price elasticity consistent with economic principles? Explain.
Compute total revenue, marginal revenue, marginal cost, and average total cost of this natural monopoly. What is the profit maximizing output and price for this natural monopoly when the government does not regulate it?
Draw the demand curve for the bridge crossings. How many people would cross the bridge when there were no toll? What is the loss of consumer surplus associated with charge of toll of $4.00
What is the difference between the medium of exchange and the store of value? What is the difference between commodity money and fiat money?
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
Explain what happens to the position of the nation's short-run Phillips Curve if the following events occur:
What is the effect on investment? What is the multiplier effect?
Assume the government imposes a tax of $2.00 per unit to reduce widget consumption and raise government revenues. What will the equilibrium quantity be?
What is opportunity cost of producing a car in Canada? What is the opportunity cost of producing the tonne of wheat in Canada? Describe the relationship between the opportunity costs of two goods.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
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