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Demand for fictitious good is Q=1200 - 2p. Suppose supply is Q= -600 + 2p.
What price will sellers receive after the tax is levied?
What price will consumers pay after the tax is levied?
What percent of the tax will be paid by the consumers?
What percent will be paid by the suppliers?
How many of the good will be sold after the tax is imposed?
How much consumer surplus do consumers get after the tax? What is the deadweight loss created by this tax?
If the US Dollar is equal to 10 Mexicxan Pesos. Then we can say that the US Economy is doing better than Mexico's economy and the US Dollar can buy more than the Peso.
A local utility finds that when the price of natural gas (dollars per mcf) is 3.52 the average household uses 4.17 mcf. Further, when the price is 4.65 an average household uses 3.65 mcf. Calculate the slope of a linear function that describes this r..
Applying Saint Leo’s Core Values to your analysis, describe what GDP measures and some of the limitations of GDP. What is the relationship between economic well-being and social well-being (i.e. happiness)? Can economic growth and productivity align ..
In the Jehle and Reny textbook (which I should add I have not read much of beyond a few sections of interest), a theorem stating that there is always a (mixed) Nash equilibrium in finite strategic form games is proven. Similarly, I would also suspect..
Suppose that the market demand for medical care is summarized by the following function: P=400-2Q And the market supply is summarized by the following function: P=50+3Q. Calculate the equilibrium price, assuming no health insurance is available. Calc..
At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses the ..
Identify a personal economic decision that was driven by a behavioral bias rather than by pure rational behavior. Given your understanding of behavioral economics, how would your decision differ today?
Consider a consumer, Adam, who has a fixed amount of income, I , which he can spend on two goods each month, Christopher Nolan Movies and Chipotle Burritos, denoted by M and B , respectively. Will Adam’s consumption of Chipotle Burritos increase, dec..
U.S. exports as a percentage of GDP have increased, but have not nearly doubled over the last 50 years. The U.S. currently has a trade surplus. U.S. exports as a percentage of GDP have about doubled over the last 50 years. The U.S. currently has a tr..
Project 3 will consist of a review of the US currency trend, and its impact on trade. This paper should include the following points: Explain the currency trends relevant to US (appreciation versus depreciation or adjustments to pegged values. Descri..
The Tampa Tribune and the St. Petersburg Times compete for readers in the Tampa Bay market for newspapers. Recently, both newspapers considered changing the prices they charge for their Sunday editions. Tampa Tribune's dominant strategy is __________..
Illustrate what do you think are the defining characters of a science. does the study of the economy have these characteristics.
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