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Suppose a bar's constant marginal cost per beer is $3.60 and it was making 40 cents per beer in variable profit without the tax. What is the profit per beer with the tax? Intuitively, why has the bar's profit fallen by more - in percentage terms - than the amount of the tax (10%)?
What is the relationship of the demand curve and marginal cost of equilibrium in a perfectly competitive firm and a monopolistically competitive firm
o Determine whether the change is an increase or a decrease. o Show the change in demand and/or supply on the graph of the initial equilibrium. (You will have one graph for each event.) Identify the result on the equilibrium price and quantity of den..
question 1the key assumption of the basic keynesian model is that in the short run firmsanswer meet demand at preset
Demand Curves for Public Goods Adam and Eve live on two sides of the Garden of Eden, a small suburban development. After they move in, an old PCB dump is discovered in between their houses. If X total tons of PCB's are removed from the dump, the t..
Draw a graph of the market for fire extinguishers, labeling the demand curve, the social-value curve, the supply curve, and the social-cost curve.
Instead of the tax per bottle, suppose that the government imposes a tax on Placebo of $10,000 regardless of how many bottles are produced. How does this tax affect Placebo’s price, quantity, and profits? Explain.
Examine your Y data (excluding the hold out period) to determine if it needs to be differenced to make it stationary. Show a time series plot of the raw Y data and autocorrelation functions (ACFs).
Effects of wage stickiness and the shape of the aggrate supple curve,effect of expectations on aggragate demand. Phillips Curve, natiral rate of unemployment, expacted inflation , the relationshipe between AS-Ad and the Phillipe Curve.
Government regulation is, at times, a result of market failure. The marketplace can often create efficiencies naturally through supply and demand. Unfortunately gaps of inefficiencies result in market dislocations. Thus governments believe they can r..
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Assume that the price of the consumption good (denote it by P) is exogenously given and equal to 2. Use W to denote the hourly nominal wage in the economy
A crucial assumption in this example is that the incumbent must charge the same price to all consumers and the entrant can target a subset of the customers. Is this example useful for thinking about markets where prices are negotiated? Why or why not..
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