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The demand curve for two liter bottles of soda is given by QD=4000-300P, and the supply curve is given by QS=1300P. In an effort to reduce soda consumption, the government has placed a tax of $4 per two-liter bottle that is added to the consumer’s bill at the checkout. What is the reduction in total benefits due to this tax? What is the reduction in total costs due to the tax? What is the deadweight loss of this tax?
Draw a new graph of labor market equilibrium and label values for the initial real wage and employment. Draw a graph of the firm’s marginal product of labor, assume a fixed value for the real wage, and describe how the firm decides how much labor to ..
Elucidate what would be the P and Q in a competitive industry. Find CS and PS for a competitive industry and a monopoly. compare them.
Calculate the equilibrium buyers' and sellers' price with no sales tax, and then with the 20% tax. Explain how answer illustrates the principle that less responsive side of the market will pay more than half the total cost of sales tax.
Which of the following would be EXCLUDED from 2006 GDP? (a) the sale in 2008 of the 2008 farm crop (b) the sale in 2008 of a factory built in 1995 (c) the construction of a factory in 2006 (d) none of the above.
Suppose there are two industries, airlines (A) and breweries (B), and that the demand for secretatrial labor, E, in each industry is EA = 25 – wA and EB = 20 – 2 wB. If the supply of secretarial labor is E = 2 w, then what are the equilibrium wage an..
A wealthy patron of a small private college wishes to endow a chair in mathematics with a gift of G thousand dollars. Suppose the mathematician who occupies the chair is to receive $150 thousand dollars per year in salary and benefits. If money costs..
If salary and prices are completely flexible, then an unfavorable productivity shock would raise both the natural rate of unemployment and the actual unemployment rate.
Adopting NPV>0 projects is in the set of things that we know matter. Give a careful explanation as to why adopting NPV>0 projects is consistent with the goal of the firm.
To save on gasoline expenses, Edith and Mathew agreed to carpool together for traveling to and from work. Edith preferred to travel on I-20 highway as it was usually the fastest, taking 25 minutes in the absence of traffic delays. Mathew pointed out ..
Describe the Harrod-Domar growth model, and explain precisely how the model illustrates dynamic instability. Why is it often called the “knife’s edge model”?
Do you think the industry environment is significantly different today explain.
Profit associated with polluting for Friedman Inc are 40Q-2Q2 ,where Q=pollution emitted (in tons) and profit are measured in dollars. Marginal benefit of polluting, derived from this function are MB =40-4Q. how much pollution do you expect Freidman ..
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