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Consider public policy aimed at smoking.
a. Studies indicate that the price elasticity of demand for cigarettes is about 0.4. if a pack of cigarettes currently costs $2 and the government wants to reduce smoking by 20%, by how much should it increase the price?
b. If the government permanently increases the price of cigarettes, will the policy have a larger effect on smoking 1 year from now or 5 years from now?
c. Studies also find that teenagers have a higher price elasticity than do adults. Why might this be true?
Poverty among the elderly fell dramatically between 1959 and 1974 and has continued to decline. However, poverty among that portion of the US population that is less than 18 years old is no lower today than in the 1970s.
What is the inflation rate in Home? In Foreign? What is the rate of change in the nominal exchange rate? Which currency is expected to appreciate? At what rate? Explain.
Why are most labor unions--whose constituents receive wages substantially above the minimum wage strong supporters of the minimum wage Why might unions composed of skilled workers who are pure complements in production with raw materials produced
The WSJ recently presented data suggesting that United Airlines was not covering its costs on flights from San Francisco to Washington D.C. The article quoted analysts saying that United should discontinue this service.
Assume that demand for oranges is given by the following Equations, with quantity measured in oranges a day and price measured in dollars per orange.
Suppose you are a junior analyst at a well-known mutual fund corporation and are assigned to value, say, the stock of General Electric.
A president proposed a tax cut in the early 1960s. He said "It is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise tax revenues in the long run is to cut tax rates now." Can someone ..
What is the amount of loans from rest of the world? What is the current account balance? What is capital account balance?
Which is more likely to return the European economy to long term growth, austerity (reducing public debt) or deficit finance (increasing public debt)? Use economic models to analyse this question.
Payroll Tax- You are an economic consultant to a city that just imposed a payroll tax of $1 per hour of work. This payroll tax is paid by workers through a payroll deduction.
"Suppose the government decides to increase taxes by $30 billion in order to increase Social Security benefits by the same amount. How will this combined tax-transfer policy affect aggregate demand at current prices"
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent..
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