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A market for baby bottles has the following supply and demand functions qS = 6 + 3p qD = 14 2p
(a) What are the equilibrium price and quantity in this market?
(b) Calculate the Consumer Surplus, Producer Surplus, and Total Welfare levels. 2
(c) Now, suppose a per unit tax of 5 were charged to the buyer. What are the equilibrium quantity, price paid by the buyer, and price received by the seller?
(d) Mathematically, does it make a di§erence if the tax is applied to the buyer or the seller? Explain why or why not.
(e) How much tax revenue is raised? How much of that tax burden is borne by the buyer?
Suppose that in a week the price of Greek yogurt increases from $5.00/lb to $5.25/lb. At the same time, the quantity of Greek yogurt supplied increases from 100,000 lbs to 125,000 lbs. What is the price elasticity of supply for Greek yogurt?
At the 2014 G20 conference in Canberra, U.S. Secretary of the Treasury, Jack Lew, warned that the euro zone economies face a decade of economic stagnation unless their economic policies change and that the “world economy could not afford a European l..
If a firm experiences diseconomies of scope, then it:
Describe the top ten communication skills that business leaders seek citing any references used other than the textbook.. Of those, list two of which you feel you have a strong grasp and two that you feel you need to improve.
Use the sticky wage theory of aggregate supply to explain what will happen to output and the price level in the long run. What role does expected price level play in the adjustment?
consider the problem of picking a price for an economics textbook. the marginal cost of production is constant at 20
You have just invested a one-time amount of $5,000 in a stock-based mutual fund. This fund should earn (on average) 9% per year over a long period of time. How much will your investment be worth in 35 years?
Assuming that the current production rates are maintained at the three assembly plants, which alternative should management select?
Elucidate this linkage in words also after that illustrate with a Cumulative Demand - Cumulative Supply diagram.
If you were to emmigrate from earth, would you rather land and work in Thisuni or Nisuthi. Elucidate your reason based on the burden of tax paid by workers and firms.
Suppose a country's nominal GDP increases from $100 billion in 2012 to $120 billion in 2013. The GDP implicit price deflator was 100 in 2012 and 100.1 in 2013. Calculate the country's economic growth.
The equipment will have a maximum useful life of 5 years. If the company's MARR is 4% per year, when is the best time to abandon the equipment?
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