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The federal government has imposed a new tax on car alarms. Assume that the tax is physically collected from sellers. a. What effect will this tax have on the equilibrium price and quantity in the market for car alarms? b. Show the impact of the tax on consumer surplus, producer surplus, tax revenue, and total private economic surplus (Note: In this context, total economic surplus = consumer surplus + producer surplus + tax revenues). c. How would the elasticity of demand for large car alarms affect the magnitude of the change in total economic surplus resulting from the tax? d. Given your answers to parts a-b, is there still an argument in favor of such a tax? Explain.
illustrate what you observed in this company to your own work experiences.
The U-shape of the average variable, average total, and marginal cost curves reflects
Monetary theory examines the role of excess reserves (actual reserves minus required reserves) in influencing economic activity and Federal Reserve monetary policy. Viewed in the context of a single bank, excess reserves are difficult to measure. Exp..
When the economy is regularly hit by TFP shocks we say the one-period model is useful because it realistically predicts that : Suppose that in the one-period model the government wants to maximize output and the time endowment is expressed in hours (..
The private marginal benefit associated with a product’s consumption is PMB = 360 – 4Q and the private marginal cost associated with its production is PMC = 6Q. Furthermore, the marginal external damage associated with this good’s production is MD = ..
After reading Psalm 99:4, identify and discuss the differences between Constitutional Law, Statutory Law, and Court Decisions (Case Law), as discussed on pages 18-21, at both the Federal and State level. Also discuss how a Court would apply a biblica..
What must she/he expect to happen to short term interest rates over the coming year.
At the moment the market is completely ignoring things like record U.S. trade deficits and the widening curent account deficit. It is also largely ignoring the possibility of Federal Reserve rate cuts. In what way is fiscal easing in Japan relevant h..
The price of hamburger meat in College Town has recently fallen. Explain in detail the effects of this price change on the demand, supply, equilibrium price, and equilibrium quantity exchanged for fast food hamburgers in College Town and why. Draw a ..
Suppose your business is currently employing 750 workers, the only variable input, at a wage rate of $48. The average product of labor is 96, the last worker added 6 units to total output, and total fixed cost is $12,000. What is Average Variable Cos..
The 2 major players in the disposable diaper market are Proctor and Gamble (40% of market) and Kimberly Clark (about 35% of the market). Both companies have undertaken costly research and development campaigns to gain a competitive edge- undercutting..
Assume mortgage payments of $1000 per month for 30 years and an interest rate of 0.5% per month. What initial principal or PW will this repay? Assume annual mortgage payments of $12,000 for 30 years and an interest rate of 6% per year. What initial p..
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