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When do consumers pay the most of a sales tax? When do producers pay most of the tax?
How should sunk cost be taken into account in decision making? (include example if possible).
Given that sales taxes cause deadweight loss, what should be the elasticities of the products taxed that would minimize that loss?
When does the government make the most revenue from a sales tax?
It would be reasonable for a typical purely competitive wheat farmer to lower his price per bushel in order to sell more. The higher sales level will cause average fixed cost to decrease and this will result in more profit for the individual farmer. ..
Susan was given 2 packs of bubble gum and 30 hats, and Cathy was given 8 packs of bubble gum and 10 hats. Susan and Cathy derive utility from hats and bubble gum from the following utility functions: Susan
Suppose that Elsa's preferences over baskets containing gasoline (good x), and food (good y), are described by the utility function U (x; y) = xy + 100y. The marginal utilities for this function are, MUx = y and MUy = x + 100: Use Px to represent the..
Describe some of the key decisions Apple management has faced within the past year or two. Identify an ethical issue the organization either faces or has faced in the past. If it has not been resolved, provide an analysis of how the issue should be a..
If income increases, then the. A decrease in the price of good Y will have what effect on the budget line on a normal X-Y graph? Suppose that consumers' preferences are well behaved in that properties 4-1-4-4 are satisfied. What are the advanta..
Find the amount of capital and labor that will maximize profit. Show second order conditions for the maximum.
An international Corporation purchased a jet plane for use by the firm's engineers. It has an initial cost of $1,000,000, and will be sold by $500,000 at the end of year 7. Compute the depreciation schedule using MACRS Depreciation. Compute the combi..
An economy has 100 people divided among the following groups: 25 have full-time jobs, 20 part-time jobs, 5 has two part-time jobs, 10 is looking for jobs, 10 are discourage workers who has given up looking for jobs, 10 run their own businesses, 10 ar..
What is the relationship of the business cycle between Canada or Mexico with the U.S. business cycle? What about the relationship of South Africa with the U.S. business cycle? What about the relationship between the business cycle of England and West..
You compete with many firms offering similar products (monopolistic competition). An economic consulting firm has estimated the own-price elasticity for your most profitable product is -1.50. Your marginal cost is constant at $75 across most of your ..
If Brad works in the labor market, he can earn a wage of $500 per hour, while Angelina can earn $600 per hour. Considering comparative advantage, which of the two should specialize in the labor market? Explain.
Which of the following are methods used by the Federal Reserve to affect the supply of money in the U.S. economy, and which are not? Place each item under the appropriate title. Methods the Fed uses to affect the money supply Not a method used by the..
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