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Using the elasticity estimates in the table above, classify the price elasticity demand as elastic or inelastic. Explain your reasoning. Explain the implications of those classifications on tax revenue collections when the per-unit tax increases as opposed to decreases. Using those classifications, make some assumptions regarding tax incidence. For instance, will buyers or sellers pay a larger portion of the tax per unit? Explain. Conclude, based on the elasticity classifications, their effect on tax revenue and tax incidence, and which goods the government would prefer to tax.
Someone claim that immigration must always be good for economy because the raised supply of labor will result in a higher GDP. Estimate this statement.
Use a principle, or principles, discussed in the course to explain some pattern of events or behaviour that you personally have observed.
The market price of a basic digital cell phone fell due to increased production.Demand for office space in major US cities dropped significantly between 2009 and 2010.
What is the short-run effect on the exchange rate of an increase in domestic real GNP, given expectations about future exchange rates? i. Explain why exchange rate overshoots when money supply increases in the short run.
Assume you are a stock market analyst specializing in the stocks of theme parks, and you are analyzing Disneyland's stocks. The Wall Street Journal reports that tourism has slowed down in the US.
Suppose the inverse market demand for silicone replacement tips for earbud headphones is p = pN - 0.1Q, where p is the price per pair of replacement tips, pN is the price of a new pair of headphones, and Q is the number of tips per week. Suppose ..
What combination of capital and labour should it use to produce and what would be the cost of production
Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction What happens to aggregate output and the price level in..
Describe the major characteristics of monopolistic competition and oligopoly.
What is the effect on the economic well-being of a nation when a tariff is imposed? Consult a newspaper and identify an industry where there currently is a tariff. What is the effect of this tariff on the U.S. economy?
How much of each good does each consumer demand in equilibrium and what is the marginal rate of substitution for consumer A at the competitive equilibrium?
Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand
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