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Suppose a tax of $4 per unit is imposed on a good, and the tax causes the equilibrium quantity of the good to decrease from 2,000 units to 1,700 units. The tax decreases consumer surplus by $3,000 and it decreases producer surplus by $4,400. The deadweight loss of the tax is...... I know the answer is $600, but what I don't know is how to set up the calculation to get this answer.
A colleague tells you that he can get a business loan from the bank, but the rates seem very high for what your colleague considers a low risk loan. a. Give an adverse selection explanation for this, and offer advice to your friend on how to solve ..
Cost-Plus Pricing. Wendel Stove Company is developing a "professional" model stove aimed at the home market. The company estimates that variable costs will be $2,000 per unit and fixed costs will be $10,000,000 per year.
Price discrimination occurs when a.the supply of the product is elastic b.a product's average cost is greater than its average revenue c.a product's average cost is less than its average revenue d.differences in a product's price reflect differences ..
What is kenyas factor of production for their land and labor. which means what percentage do they use their land for what.
which of the three funding measures would you support and why- what economic and societal factors affect the demand and pricing of healthcare services in today's market?
On balance one would argue that our society is mixed on the question of allowing firms to operate with market power; we certainly don't permit unregulated monopolies from operating but we do have a lot of industries where firms are permitted to..
Firm XYZ measured its MP of labor curve to be the following: MP = 4000 - 2L where L is the number of hours of labor hired per day. XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labo..
A firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day.
Sometimes, a bidder on a work contract may bid lower than what would maximize his/her profit from the contract and the reason for that is to create goodwill.
What is the law of diminishing marginal productivity? How does it differ from average productivity?
Allied company machines produces the output that it sells in the highly competitive market at the price of $100 per unit. Its inputs include two machines (which cost the firm $50 each) and workers
The task is to interpret the following article in the light of your understanding of supply and demand. Where possible you should illustrate your discussion of the changing situations with demand and/or supply curves, indicating values where app..
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