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A country that does not currently tax cigarettes is considering the introduction of a $0.40 per pack tax. The economic advisors to the country estimate the supply as well as demand as well as curves for cigarettes as:
Qd = 140,000-25,000PQs = 20,000+75,000Pwhere Q= daily sales in packs of cigarettes as well as P = cost per pack. The country has hired you to provide the following information regarding the cigarette market as well as the proposed tax:
a) What are the equilibrium cost as well as quantity with no tax?
b) What cost as well as quantity would prevail after the imposition of the tax? Illustrate the portion of tax which would be borne by buyers as well as sellers, respectively?
c) Calculate the deadweight loss from the tax. Illustrate that the tax be acceptable in spite of the deadweight loss? What tax revenue will be generated?
Solve for steady-state level of captial and output. What savings rate would be necessary to achieve a steady-state output of 150.
What is the new equilibrium price and output in the short run for both the industry and each firm.
Explain why the R-squared from the regression from F test will always be at least as large as the R-square from the BP regression.
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
the set of efficient trades these individuals would rationally make. One of the points on the set of efficient trades you illustrated in your diagram will be a competitive equilibrium.
Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States.
Using a wholesale price of $4 per case in each state, calculate the breakeven output quantities for each alternative.
Explain how many units of pork will the government be forced to buy to keep the price at $2.25. How much will the government spend in total.
Suppose that there is a unit mass of consumers who are uniformly distributed on the segment[0,1]. Two firms are located on the line and sell identical products.
Distinguish between the resources market and the product market in the circular flow model.
New manufacturing technologies are often viewed as labor saving in nature. Using a production possibilities frontier with manufactured capital goods on one axis and labor-intensive goods on the other axis.
At what level of output are total profit maximized. Illustrate what price will be charged.
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