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1. What is meant by the incidence of a tax? How is the incidence of an excise tax related to the elasticities of supply and demand in a market?
2. In the competitive market for hard liquor, the demand is relatively inelastic and the supply is relatively elastic. Will the incidence of an excise tax of $T be greater for consumers or producers?
Instead of the ration in the preceding question, suppose that the government increases taxes on gasoline, in addition to the market price increase
Define inflation. Assume that you live in a simple economy in which only three goods are produced and traded: fish, fruit, and meat. Suppose that on January 1, 2007, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per ..
A local restaurateur who had been running a profitable business for many years recently purchased a three-way liquor license. This license gives the owner the legal right to sell beer, wine and spirits in her restaurant.
Suppose that you believe the fundamental value of Wal-Grey stock is about to rise from $50 to $100 because of its new management team. You have $20,000 that you can risk in the market, where the market interest rate is 6%. You can think of four po..
Suppose the following equations are true: Production Function: Q = K1/3L2/3, which means MPK = 1/3K-2/3L2/3,MPL = 2/3K1/3L-1/3 MRTS = 2(K/L) Total Cost = rK + wL r = .2 w = $5
Using this idea, explain why a deep recession could lead to an increase in the natural rate of unemployment. Which demographic groups do you think would be affected the most?
What are some mechanisms for protecting the environment?
Ann Isabel, a recent graduate from Tech, would like to be a millionaire when she will retire after 30 years. She would like to start with a deposit of $1,000 at the end of the first year and increase it every year by $400 thereafter. What interest..
Let P indicate total profit. Develop a mathmatical model for the total profit realized from an order for x pairs of shoes.
consider the densityfxx exp-x if xgt0and 0 otherwisefind fy if y 2x1find fy if y x2find fy if y xfind fy if y
The aggregate demand for cookies is perfectly inelastic. Quantity demanded is 10 cookies regardless of price. The aggregate supply of cookies is perfectly elastic. Quantity supplied is 0 if the price is below $5 and infinite at $5.
A manufacturer of small glass figurines discovers that it costs $1,800 for a production run of 1000 and $2200 for a production run of 1500. Assuming that cost is a linear function of number of items, find the overhead and the marginal cost of a fi..
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