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The supply of luxury boats is perfectly elastic. The demand for luxury boats is unit elastic , and with no tax on luxury boats, the price is $1 million and 320 luxury boats a week are bought. Now luxury boats are taxed at 40 percent.
Question one: After the tax is imposed, the buyer pays ____ for a luxury boat. Answer to Question One: $1.40 million
Question two: Choose the statement about the tax incident that is correct. Answer to Question two: The buyer pays all the tax.
Question three: (I need the answer to this one) The government raises tax revenue of $____ million (answer to 1 decimal place)
Suppose the economy is in equilibrium when there is a change in environmental policy that bans all pesticides and herbicides on farmland. We would expect to observe
Calculate and graph the ration of: (i) real residential investment to real GDP; (ii) real non-residential investment to real GDP; and (iii) real inventory investment to real GDP. Which of the components of investment shows the most (least) variabilit..
Netflix is the largest online DVD rental service offering flat rate rental-by-mail and online streaming to customers in the United States. Currently, there are approximately 8 million subscribers. Suppose Netflix increases their average flat rate by ..
Supply curves are usually assumed to slope upward because
Assume that the Bank of Ecoville has the following balance sheet and the Fed has a 10% reserve requirement in place: Now assume that the Fed lowers the reserve requirement to 8%. What is the maximum amount of new loans that this bank can make? Assume..
What are the credit risks faced by retail banking
Explicate fully why the monopolist will never select to operate where the demand curve is inelastic.
Suppose the federal reserve made a mistake and caused a recession. Then we should observe A. a high rate of money growth. B. potential output decreasing. C. interest rates rising as output falls. D. inflation increasing as output decreases. E. inflat..
what is lowest price that will induce firms to supply output. Suppose PI = $40, F = 50 and demand function is Qd = 700! 6P, n if government sets a price of $50 what will be result.
A manager from a developing country is overseeing a multinational's operations in a country where drug trafficking and lawlessness are rife. One day, a representative of a local "big man" approaches the manager and asks for a "donation" to help the "..
Calculate a marginal cost as well as an average cost schedule for the firm.
Write a paper that uses game theory to to set up a game designed to help a consumer decide whether to buy life insurance or not. To keep the game relatively simple, assume the life insurance being considered is term life, i.e. insurance without an ac..
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