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Use the following supply and demand functions to answer the questions below:
Qd = 20-2P, Qs = 5+3P
A. Determine the total tax revenue earned by the government, the amount of the tax paid by Consumers and the amount of the tax paid by sellers.
B. What determines whether consumers or sellers pay the greater proportion of a tax-such as the tax on cigarettes-in part a? Explain your answer.
Two company face a demand equation given by: P=200,000-6(q1+q2) where q1 and q2 are the outputs of the two firms. The total cost equations for the two company's are given by:
There is a supply and a demand for most goods. The result is a market clearing equilibrium price. Firms many times supply a certain amount of the hot or must have product to the market.
Given the table of marginal utilities for CD's and century books, calculate the optimal quantity and total utility at equilibrium. Draw Sarah's budget line for part a and her budget line for part b on the same graph.
Discuss three economic policies you might advise the President to pursue in order for his country to achieve this increased standard of living.
in a country with a market economy the owners of firms businesses are to use gwartney et. al.s term residual claimants.
Bill can consume only 167 grams of carbohydrates daily,then how many cups of each food will he consume daily?
Discuss whether each statement below is true, false or uncertain. Be sure to completely explain why, making use of appropriate equations, diagrams and so on.(a) A fall in the marginal cost of production of a monopolized good on which is levied ..
What is te equilibrium? At what price is there neither a shortage nor a surplus? fill in the surplus-shortage column and use it to confirm your answers.
Find out average fixed costs when the firm produces 50 widgets per day. Find out average total and variable costs for producing 49 widgets.
List three factors that can change the economy's potential output.What is the impact of shifts of the aggregate demand curve on potential output?Illustrate your answers with a diagram.
An asset cost $120 today. you will hold it for one year then sell it. there is a 25% chance that it will be worth $100 in a year, 25% chance it will be $115 in a year and a 75% chance it will be worth $140.
If the market for unskilled labor is highly competitive, what would a minimum wage legislation do to their level of employment? What remedies do you propose if the market fails to provide adequate income?
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