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Suppose in Solved Problem 7.2 that the government charges the firm a franchise tax each year (instead of only once). Describe the effect of this tax on the marginal cost, average variable cost, short-run average cost, and long-run average cost curves.
Problem 7.2
Carmen bought a $125 ticket to attend the Outside Lands Music & Arts Festival in San Francisco. Because it stars several of her favorite rock groups, she would have been willing to pay up to $200 to attend the festival. However, her friend Bessie invites Carmen to go with her to the Monterey Bay Aquarium on the same day. That trip would cost $50, but she would be willing to pay up to $100. What is her opportunity cost of going to the aquarium?
Suppose advancing technology (e.g., the miniaturization of electronic circuits) increases the productivity of the 90-laborer workforce by 20 percent. Draw a third production possibilities curve (PT) to illustrate this change.12
What is the statement of cash flows, and how does it differ from the income statement?
What are the three questions that must be answered in order to determine the consumers' willingness to pay in a mixed market of cars with both Lemons and plums
The price elasticity of demand is -2.0 The income elasticity of demand is 1.5. The cross- price elasticity of demand between your good and related goods is - 35 What can you determine about consumer demand for your product from this information
Would ‘human assets" meet the conventional definition of an asset for inclusion on the statement of financial position?
How much interest is payable each year on a loan of $2000 if the interest rate is 10% per year when half of the loan principal will be repaid as a lump sum at the end of four years and the other half will be repaid in one lump-sum amount at the en..
What is the difference between a partial equilibrium analysis and a general equilibrium analysis? When analyzing the determination of prices in a market, under what circumstances would a general equilibrium analysis be more appropriate than a part..
Manufacturing equipment was acquired for $12,000. Determine the undepreciated capital cost of this equipment after 3 years of depreciation using CCA depreciation as a Class 43 asset (CCA rate is 30%).
A study that uses data in a formal econometric analysis to test a theory, estimate a relationship, or determine the effectiveness of a policy is called
The daily wage per worker is $80, and the price of the firm's output is $41. The cost of other variable inputs is $400,000 per day. Assume that total fixed cost equals $900,000. (Note: Assume that output is constant at the level of 100,000 units p..
Atlantic Metals and Plastic uses austenitic nickel-chromium alloys to manufacture resistance heating wire. The company is considering a new annealing-drawing process to reduce costs.
In a more typical situation, the government does not know the cost of pollution reduction for each firm. If the government decides to reach its overall goal by imposing uniform reductions on the firms, calculate the reduction made by each firm,
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