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Use the following information to answer this question. Suppose there is a market for bicycles in Wheelerville that can be described by the following demand and supply equations:
Demand: Q = 200 – (1/5)P
Supply: Q = (1/5)P – 40
Where Q refers to the quantity of bicycles and P is the price of a bicycle.
What is the equilibrium price and equilibrium quantity of bicycles in Wheelerville? Calculate the value of consumer surplus, producer surplus, and total surplus in this market.
Suppose an excise tax of $50 per bicycle is imposed on bicycle producers in this market? What is the new equilibrium price and equilibrium quantity of bicycles in this market with the imposition of the excise tax? What is the net price received by bike producers when this excise tax is implemented? What is the economic burden of the excise tax on consumers (consumer tax incidence)? What is the economic burden of the excise tax on producers (producer tax incidence)?
Given the excise tax described in part (b), calculate the value of the excise tax revenue. What is the value of producer surplus with the excise tax? What is the value of consumer surplus with the excise tax? What is the deadweight loss due to the imposition of the excise tax?
State the commodity in which each country has absolute advantage. Identify the commodity of comparative advantage for each country. Justify your answer Indicate the gains to Zambia and Tanzania if the two countries exchanged 6 barrels of oil for 6 ya..
discuss the differences between the microeconomic definitions of supply and demand and the macroeconomic differences of aggregate supply and demand. Discuss what determines supply and demand and aggregate supply and aggregate demand.
Graph and describe what effects would be short run production function if a new advanced process was found and how would the number of employees hired change?
Assume that all banks in the banking system have a 10% reserve requirement. Further, assume that all banks in the banking system are fully loaned up both before and after Joe makes his deposit.
You woke up in the morning and found a one once gold nugget under your pillow. Because you did not incur any sacrifice to obtain the gold, it seems free. Later you find out it is worth $400. If you continue to hold to the gold, rather than sell it is..
Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.
Suppose the market discount rate is 20% instead of 5%. Should he now charge the limit price to deter entry or accept the entry? Assume his goal is maximize the PV of long-run profits.
Suppose Virginia withdrew $10,000 from her bank. If the reserve ratio is 2 percent theen this transaction willl lead to decreasing ____ in checking account balance.
Assume that you are leaving a message in a time capsule to be opened 100 years from now. Formulate a message you leave regarding the economic times of your lifetime and what could have been done to make our economy better.
Describe a company you would like to start and determine which form of ownership would be most appropriate given your current financial status. Explain your rationale.
A key year for them is 2015, when Southeast Asia's Open Sky Agreement comes into effect, allowing unlimited flights to all 10 ASEAN members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Will price be higher or lower under such an agreement in long-run equilibrium than would be the case if firms didn't collude. Even in firms in a monopolistically competitive market collude successfully.
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