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The price of gasoline in Europe is much higher than in the United States, and the reason is that the gas tax is much higher in Europe than in the United States.
a. What type of externalities arise from driving automobiles fueled by gasoline?
b. Given what you have learned about externalities and taxation, what is the case for increasing the gas tax in the United States to the European level?
c. Given what you have learned about externalities and taxation, what is the case against increasing the gas tax in the United States to the European level?
d. What is your view on whether the United States should raise the gas tax to the European level and why?
The demand for energy in the United States is often described as persistently non-cyclical and not sensitive to prices effects. Describe the effect of each of the following on the demand or supply for gasoline.
Describe some of the microeconomic and macroeconomic factors a firm must consider in its own sales and profit forecasting.
For many years, your company has been protected through patents, Technological change and introduction of new products have been slow.
Libertyville has two optometrists, Dr. Jones (J) and Dr. Smith (S). Each optometrist can choose to advertise his service or not. The net revenue to each optometrist, in thousands of dollars, is listed on the payoff matrix below
What changes could you make to decrease your energy use? What changes could you make to increase your energy efficiency? ?What do you think would change if your heating oil or coal supply came from Russia?
Compute the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect t..
If the dollar appreciated in real terms against the euro by 2 percent in a year, and in same year, inflation rates in the U.S. and the euro zone were 3 percent and 1 percent,
What does price, average revenue and marginal revenue have in common and Firms can operate in one or more markets and not always on the same side of the market. General Motors is a buyer in the resource market and a seller in the automotive market.
Determine which system, socialist or capitalist, feudalism or mercantilism, works better? Explain your reasoning? Also, which type of business gives the owner highest protection or the most incentive to succeed?
Sometimes market activities have unintended positive or negative effects outside the market scope called externalities. As a rule maker concerned with correcting effects of gases
Since 1997, at least three million vehicles have been recalled due to air bag related troubles. Of these, roughly half were due to troubles of the sort that only time and road experience are likely to reveal.
In the chapter we mention how prices can vary in a tourist trap. Which market, St. Louis or Chicago, was more likely to behave like a tourist trap? Explain.
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