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A state in the southeastern region of the United States operates state liquor stores. Prices at the stores are set in the following fashion: add 41% to the wholesale price at which the system acquires the product. To that is added an excise of $8.10 per case. The state sold roughly 36 million cases. The state, however, increases the excise rate to $9.10 per case, and a tentative revenue estimate shows that excise revenue will increase by $36 million. The state economist objects: “The demand for liquor is inelastic, so sales will be relatively insensitive to a tax increase. Therefore, revenue will increase by more than $36 million.” What is your reaction to this objection?
Given the information above, is the British pound selling at a premium or discount? How much (round to two decimal places, e.g. 1.35%)? Is Interest Rate Parity (IRP) holding? Why or why not? Explain in an essay, and show a calculation to support your..
A game everyone knows is coin flipping. Suppose that Player 1 flips the coin (and is so skilled that he is able to flip it whichever way he wants) and Player 2 calls heads or tails. Does either player have a dominant strategy? If so, which player and..
Which of the following is true of the discount rate?
One person using one computer can produce 11,000 typed pages per year, and the price per page for your service is $2. Calculate the following three options. You have opened your own word processing service.
Suppose that an excise tale of $1 is placed on sellers in a market for widgets. Using diagrams indicate whether none, some, or all of the tax is passed on to the consumer in the form of a higher price for each case described below. Demand curve is ho..
Consider the Cobb-Douglas production function . a. Write this in growth-rate terms. b. Next, define this in terms of per capita growth and identify the contributions of the components of per capita growth. c. If the growth rate of capital per worker ..
The sales manager of a retail outlet suggests that the best way to increase the number of customers is to have a sale. If a 10 percent price cut doesn't bring in enough customers, then he'll cut prices 20 percent. Increased cash flow should take care..
Examine the major effects that government policies have on production and employment. Predict the potential effects that government policies could have on your company.
What do real interest rates account for that nominal interest rates do not? The level of real GDP is a good measure of economic prosperity, and the growth of real GDP is a good measure of __________. A higher interest rate makes more attractive. Ther..
When you move along a demand curve: A. income and the price of the good are held constant. B. all non-price determinants of demand are held constant. C. only price is held constant. D. all determinants of quantity demanded are held constant.
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -5, while group 2’s is -3. Your marginal cost of producing the product is $40. Determine your optim..
Following the war, the government of Country A would like to impose tax RMx on cars. Ilustrate and explain with graph for the car market due to the taxes. In your opinion, who will bear more of the taxes imposed-suppliers or consumers.
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