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Elasticity.....an important, powerful and, at times, challenging topic. Imagine this: you just won a contest and have been appointed the State Tax Commissioner (you might be asking: why did I enter? and is this a good thing to win?) The State of CT has a multi million dollar budget deficit to close by April 30, 2016. In terms of taxes - identify for the State of CT (being you are the Tax-man or Tax-woman at this point) - 3 taxes they could impose that would raise a lot of tax revenue quickly. Try to connect the taxes to your understanding of elasticity and it's ability to increase revenue.
Suppose that a manufacturer is a monopolist in selling some product to a number of competitive retailers at wholesale price w. The manufacturer has marginal cost of $10 per unit. Each retailer pays w to the manufacturer and charges p for each unit it..
Assuming that labor is the only variable input, why does the marginal cost curve slope upward? Marginal cost may decrease at low levels of output, but we assume that it eventually begins to increase, and continues to increase as output increases. Why..
When he purchased his home, al silva borrowed $280,000 at 10% interest to be repaid in 25 equal end-of-year payments. After making 10 payments, Al found he could refinance the balance due on his loan at 9% interest for the remaining 15 years.
Show graphically how the AS and AD graphs help to determine the equilibrium in the economy and then show how an increase in government expenditure will change the equilibrium in the economy. Do it in two stages. First show how the graph changes with ..
The US and many other countries are experiencing high government deficits and debts. What, if any, impact does this have on their does this have on their respective economies? Is government debt bad? Good? It depends? And if so, why and how?
Compute the compensated demand (at the new prices) for the following utility functions. Assume I = 1, initial prices are px = 1 = py, and price of x rises to p?x = 3 while py is unchanged.
Suppose that an initial $10 billion increase in investment spending expands GDP by $10 billion in the first round of the multiplier process. If GDP and consumption both rise by $6 billion in the second round of the process, what is the MPC in this ec..
What should be the marginal cost of a monopoly firm selling textbooks to students in a small town and is currently maximizing profit by charging a price of $48 a book and the elasticity of demand is 3/2?
Describe three features of monopolistic competition that differentiate it from monopoly. Compare perfect competition and monopolistic competition. In what ways are they similar? In what ways are they different?
FDI's according to their typology, can be divided into 1 horizontal and vertical 2 inward and outward 3 portfolio investment and green field. Classify the following cases according to the above parameters:
Thoroughly and accurately graph a simultaneous increase in supply and a decrease in demand. Explain what is happening in your graph and why.
When we apply 50 tons of fertilizer, the total yield is 1500 bushels. Elucidate the marginal value product per ton of fertilizer.
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