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Question: Answer the following questions using your knowledge from the units and information from the podcast. All answers should be in your own words.
1. Is demand for gas more inelastic or elastic according to the podcast?
2. Is supply of gas more inelastic or elastic according to the podcast?
3. According to the podcast, consumers have traditionally taken on most of the gas tax burden when taxes have been increased. Use tax incidence to explain this.
4. According to the podcast, why might consumers benefit if the gas tax is reduced? Use tax incidence to explain
Identify and discuss three externalities, which can either be positive or negative. Analyze the different stakeholders that are involved in the externality, and identify what their roles are with regard to the externality.
Jessica's preferences can be represented by a utility function: U(x, y) = max(x, y). Consider a bundle { x = 10, y = 3 }. Draw Jessica's indifference curve containing this bundle. Explain why her preferences are "non-convex"
Should the club cover explicit and implicit costs? Imagine that you are asked to consult with a drama club that puts on a play every year. The club asks you: How much should we charge for tickets if we want to cover our costs?
Compare the results of the three methods by quality of information for decision making. Using what you have learned about the three methods, identify the best project by the criteria of long term increase in value.
Why do Movie theatres, airlines, and many other businesses like to charge customers dissimilar prices based on time of the day, age, and purchase dates? Provide an example of a price discrimination for a good or service that you thought it to unfair...
Create a Simple Employment Relationship Contract as though you are the owner/employer - Give an overview of the parties.
Econ 366-AS01 Energy Economics Assignment. Look at data provided in the table containing energy consumption of various sectors in Canada and answer the question. Calculate annual growth rates of energy use in agriculture from 2009 to 2010, and from ..
How much is this person working per week? What price is this person willing to pay for an additional hour of leisure? Demonstrate and explain.
In the offer curve analysis, why must an excess supply of one good be associated with an excess demand for the other good?
Copy the table you inputted above for problem 4a, and paste it into a new page in Excel. Or begin anew if you are doing manual calculations.
Solve the following system of 4 equations with 4 unknowns by hand - x1 + x3 = 25 x2 + x3 = 18 x1 + x2 = 23 x3 + x4 = 15
If the consumer faces a wage rate of w=30, how much leisure and purchased goods do they consume? What is the quantity of labor supplied
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