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The government wants to raise $50 a month from John Doe. A $1sales tax per package of cigarettes will raise the required revenue as will alump-sum tax of $50 per month. (With a lump-sum tax, John has to pay$50 regardless of how many cigarettes he buys or regardless of what hisincome is.)A. Which type of tax will John prefer - the sales tax or the lump sumtax? Explain carefully. ("Explain carefully" means that you should use thetools of indifference curve analysis.)B. Will he smoke more cigarettes with the sales tax or the lump-sumtax? Explain carefully.
what effect should each of the following have on the demand for gasoline in a competitive market? state what happens
Why do people hold their wealth in the form of money rather than another asset that will provide a rate of return higher that the rate on return
Jobs are the key to economic progress. Unless we create more jobs, our standard of living will fall
Explain what could happen in the future with each of these trends below and come up with three(3) more trends not listed and do the same analysis for your three additions.
How much would Wyandotte have to reduce the price of polyol to achieve a 15 percent increase in the quantity sold? Evaluate the impact of such a price cut on(i) total revenue, (ii)total costs, and (iii)total profits.
question 1a firm with market power has estimated the following demand function for its productq 12000 - 4000 pwhere p
Suppose that an individual allocates his or her entire budget between two goods, food and clothing. Can both goods be inferior? Explain.
if there are any additional issues you think are relevant to the choice of closing time be sure to mention them. is
Explain why a customer who select a consumption bundle in which relative price exceeds the marginal rate of substitution can not be at an optimum.
Examine the decisions of a small business owner. Since microeconomics is the study of individual households, firms, and government, we will take a closer look at the operations of a franchise firm.
Why would the role of themarketing department in capital-intensive industries (e.g., aluminum) differ from that in labor-intensive industries (e.g., commercial airlines)?How does this relate to positioning?
What is the equilibrium price and quantity for oven mittens? Using Microsoft Excel, construct a table that shows the quantity demanded, the quantity supplied, and the surplus or shortage associated with prices from $2 to $5.55.
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