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Q.1. The city government is considering two tax proposals:
• A lump-sum tax of $300 on each producer of hamburgers.
• A tax of $1 per burger, paid by producers of hamburgers.
1) Which of the following curves—average fixed cost, average variable cost, average total cost, and marginal cost—would shift as a result of the lump-sum tax? Why? Show this in a graph. Label the graph as precisely as possible.
2) Which of these same four curves would shift as a result of the per-burger tax? Why? Show this in a new graph. Label the graph as precisely as possible.
Assume that the banking system's nonborrowed reserves total $48.3 billion, with total legal reserves standing at $51.2 billion. What must lent reserves be?
Despite strong sales and a low marginal cost of producing the product, your company has yet to show a profit from selling the drug.
When the interest rate on short-term government securities is higher than the interest rate on long-term government securities, we refer to the yield curve (i.e. the relationship between the return on different bonds) as being inverted
What happens to consumer surplus and what happens t o the economic profits earned by Widget Corp.?
An increase in the excise tax on alcohol? a)will have no effect on alcohol consumption b)will generate minimal tax revenues for the federal government c)couped with a uniform drinking age nationwide would save lives
Cigarettes are subject to a federal tax, which was about 40 cents per pack in 2007.What does this tax do to the market-clearing price and quantity?
Discuss the roles and responsibilities of three other professions in the health sciences. Discuss three ways in which you may interact with colleagues in other professions. List and describe several things you could do to prepare yourself to interact..
There are two goods, Cloth and Food, and two factors of production, labour and capital. Suppose that the production function for each good is "homothetic".
What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?
W(sub)a= 1/a1(Y1)+1/a2(Y2)+1/a3(Y3)+1/a4(Y4) where a(i) are the constants. a) What restriction on the ai is needed for Wa to be an unbiased estimator of mu? b) Find the variance of Wa.
With an unprofitable rural hospital that was offered a contract at a lower price, what are major economic concepts that are important in making the right decision?
Are you in favor of either deficit spending on the part of government or one of a balanced federal budget and budget surpluses?
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