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Suppose the local market for cigarettes is made up of the following people.
Type A: QA = 20 - P
Type B: QB =30 - 2P
Type C: QC = 40 - 5P
And there are 10 of Type A, 5 of Type B, and 5 of Type C.Supply is given by Qs = 47P - 94a)
Given this information, find the market clearing price and quantity (P* and Q*), as well as Total Surplus.
b) The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
c) If the government was interested in maximizing tax revenue, what size tax must they impose on sellers?Q2.An individual has a utility function U = XY2a) When income is $36, how much X and how much Y can this person afford if PX = $3 and PY = $4?b) What will be the utility maximizing bundle of X and Y?c) If the price of X rose by 10% and the price of Y fell by 10%, would this person be better off?
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
Collect information regarding the minimum wage. State the purpose of this legal price, assess its impact on the market for labor, and evaluate the extent to which it achieves its purpose.
Use the following outline to make a 6-8 page paper on Israel'seconomy from a cross cultural prospective.make it astraightthrough essay it does not need to beusing the outline titles for each section
For each of the following, is the industry perfectly competitive? Referring to market share, standardization of the product, and/or free entry and exit, explain your answers.
Licensure of physicians means that to some extent, the supply of physicians can be viewed as a vertical line. Explain what this means for the price of physician services. How might this change over time?
Assume that the firm buys a machine for each worker that increases the marginal productivity of each worker, which would be reflected by an increase in the total product, marginal product, and value of marginal product columns.
Assume you were appointed economic adviser to a less developed country in Africa. The country seeks to encourage capital formation and wants to raise the rate of saving of its own residents and encourage foreigners to invest in their country.
In an effort to stop the migration of many of the automobile manufacturing facilities from Detroit area, Detroit's city council is considering passing a statute that would give investment tax credits to auto manufacturers.
a. Demonstrate mathematically that ATC and AVC are not parallel. b. Show mathematically that when both ATC and AVC are falling, ATC falls faster than AVC, and when both are rising, AVC rises faster than ATC.
Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods- once produced, information can be shared at virtually no cost.
Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refuted
Mr. Smith, a holder of a deposit account in Bank of Summertime, withdraws $ 2000 and immigrates to Wintertime. Show the position of the bank after it has adjusted to the withdrawal. (Assume no cash drain).
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