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Suppose market demand for oranges is given by QD = 40 - 2P where QD is quantity demanded and P is the market price. Market supply is given by QS = 4+P where QS is quantity supplied and P is the market price. Equilibrium price is 12 and quantity is 6.
a. Suppose that the government imposes a $3 tax on the good, to be included in the posted price (i.e. tax paid by suppliers). What is new equilibrium posted price? How much of that price do producers keep? What is the new market equilibrium quantity? What is the loss in surplus for consumers? Producers?
b. Suppose instead of the tax, the government limits quantity to be no more than 14 units. Compare this policy, in terms of how it impacts producers and consumers, to the tax. What would producers prefer, the quantity restriction or the tax?
The purchase of a used pick up for $14,000 is being considered. Records for other vehicles show that costs for oil, tires, and repairs about equal the cost for fuel. Fuel costs are $2500 per year if the truck is driven 10,000 miles. Use a weighted es..
q.the market for tennis balls is dominated by two firms wilson and penn. the research department of wilson has
Two identical countries, Country A and Country B, can each be described by a Keynesian-cross model. The MPC is 0.9 in each country. Country A decides to increase spending by $2 billion, while Country B decides to cut taxes by $2 billion. Find the tax..
A regression analysis between sales (in $1000) and advertising (in $100) resulted in the following least squares line: y = 75 + 6x. This implies that if advertising is $900, then the predicted amount of sales (in dollars) is
What value of T makes these two cash flow diagrams (See Figure P4-74) economically equivalent at 8% annual interest?
Explain demand schedule and demand curve, and how they are related? Why does the demand curve slope downward?
Movies are distributed in a variety of forms, not just first run theatrical presentations. What other ways are movies distributed? What are the different price points? Using this information, draw a fully labeled graph of the market for movies in whi..
Analyze a two-period model for the market of computers in which two firms operate. Firm 1 only produces in period 1 and is endowed with an old technology providing a quality level vO to consumers. Firm 2 is a potential entrant in period 2 and it is a..
According to the Bureau of Labor Statistics, the distribution of consumer expenditures. If the negative income tax rate is set at 50 percent and the income floor is set at $5,000, a family that earns $3,000 would have a total income (including the in..
Trang has strictly convex indifference curves and is indifferent between the bundles (16, 2) and (2, 4). Use the definition of strict convexity to show that Trang prefers (9, 3) to (2, 4).
Locate an academic article published within the last 3 years that addresses some aspect of contracts. Why is the author writing about the subject? What is the thesis of the article? What are the key points/facts presented in the article? What are the..
Suppose stocks A, B and C have the same expected return and standard devieation. The correlations of return are given as follows Corr(A,B)=0.7, Corr(B,C)=-0.3 and Corr(A,C)=0.2.Find the weights on each of these stocks.
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