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The government has imposed a tax on gasolone. What is the amound of the tax per gallon of gasoline? How much tax revenue will government collect from this tax? How much of the tax is paid by consumers? How much is paid by producers? Which is more elastic, the supply or demand for gasoline?
Ageless Corporation has a patent for a new promising age defying moisturizer cream. The yearly demand, marginal revenue, and marginal cost functions for this cream is given:
Determine the total tax collected by the government on widgets. How much of this tax is paid by consumers? by producers? Show all calculations and explain your work.
In the 1990s, Pfizer, Inc., developed a new antibiotic called Trovan (trovafloxacin mesylate). Tests showed that in animals Trovan had life-threatening side effects, including joint disease, abnormal cartilage growth, liver damage and a degenerati..
What objectives do unions serve? Are there other, more economically efficient, methods to achieve these objectives? What might those methods be?
Consider a profit maximizing firm producing a differentiated product by use of capital and labour. Although the firm can use both capital and labour as inputs, and it is fairly easy to substitute between these inputs, the firm relies heavily on la..
When is a stratified sample an appropriate sampling technique? specific characteristics of the population are of no concern individuals in a population are not equal each member must have an equal chance of being selected you have a small population ..
a)Explain how the marginal principle and the pollution tax work together to determine the optimal amount of pollution abatement. b)Economists say that labor demand is a derived demand. Explain the concept of derived demand.
When the price of X is $1 and the price of Y is $1 and income is I, Joe Panther spends $100 on good X. How many units of goods X and Y does Joe purchase before the price increase and finding the $100.
Think a competitive industry consisting of one hundred identical firms each with the following cost schedule,
The perfectly competitive company takes the equilibrium value set through the market and maximizes profit through manufacturing where price, which also equals marginal revenue, is equal to marginal cost.
A profit-maximizing monopolist is currently producing 500 units. Its marginal cost is equal to $10, and its price is equal to $20. The monopolist should a. decrease output and increase price if marginal revenue is equal to $5 b.decrease output and ..
Which of the following curves- average fixed cost, average variable cost, average total cost, and marginal cost- would shift as a result of the lump-sum tax Why Show this in a graph. Label the graph as precisely as possible.
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