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Suppose a tax of $5 per unit is imposed on a good. The supply curve is a typical upward-sloping straight line, and the demand curve is a typical downward-sloping straight line. The tax decreases consumer surplus by $10,000 and decreases producer surplus by $15,000. The deadweight loss of the tax is $2,500. The tax decreased the equilibrium quantity of the good from a. 6,500 to 5,500. b. 5,500 to 4,500. c. 5,000 to 3,000. d. 6,000 to 4,000.
The text notes that, if demand reversal were the cause of the Leontief paradox, then labor would be relatively cheap in the United States. Explain the reasoning behind this statement.
The increased demand for corn to be used in ethanol is driven in large part by nearly $10 billion in government subsidies. who gains and who loses as a result of these subsidies?
Suppose Michelle makes a trip to a candy store where she intends to purchase two goods: gummy worms (g) and donkeys (d). Her utility function is U = gd. Suppose the price of gummy worms is 2 and she has $200 in income. Derive an expression for her de..
Explain how does the price of fertilizer compare to the average total cost, the average variable cost, and the marginal cost of producing fertilizer.
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
The emerging markets elected to accumulate vast sums of foreign assets in the 2000s. How did (real) interest rates evolve over this period? How can one explain them using a simple demand-supply model?
Think about an advertisement (in any medium) that had either a strongly positive or strongly negative effect on your attitude toward the product being advertised or the advertiser itself. Why did the ad have this effect? If you responded positively t..
How does the global economy connect American car buyers and Russian bureaucrats? One person who can answer is Reg Modlin, an emissions specialist at DaimlerChrysler AG's U.S. unit. Mr. Modlin, like many other auto-industry executives worldwide, has s..
Would your answer change if BOC could issue SFr commercial paper supported by the revolving credit at 3.5%.
Discuss the new equilibrium price also quantity which result from these changes. Can you exhibit some of these changes graphically.
Determine whether the following production function exhibits constant, increasing, or decreasing returns to scale
The behavior of almost everyone indicates that people believe they will be better off if they earn a larger income, because a larger income means the ability to acquire more of what they want almost, but not quite, without regard to what it is that t..
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