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Suppose the demand for bread is D(p), where dD/dp < 0, and the supply of bread is S(p - t), where t is a unit tax on bread.
Illustrate equilibrium with price on the Y-axis and quantity on the X-axis in which the t > 0.
Show the economic incidence of the tax on the consumer's price (dp*/dt) depends upon the price elasticity of demand and the price elasticity of supply.
Compute dp*/dt where QDemand= Ap?for?<0andQsupply=Bpηforη>0. Under what conditions does the incidence of the tax fall heavily on consumers?
difference between gdp at market price and nnp at factor cost
A firm with a U-shaped average cost curve finds that its revenues exceed its costs when it sets price equal to marginal cost. On which part of its average cost curve is the firm op
1. Suppose that the supply curve for school-teachers is LS = 20,000 + 350W, and the demand curve for schoolteachers is LD = 100,000 - 150W, where L = the number of teachers and W =
Crowding out would most likely occur when: A. the Congress enacts budget cuts to balance the budget. B. workers lose jobs as a result of anti-inflationary fiscal policies. C. the f
Robert's New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. Its demand curve for t
If a country allows trade and, for a certain good, the domestic price without trade is lower than the world price. A) the country will be an exporter of the good. B) the country
In reference to the above question, assume you know the combination of inputs that minimizes cost. What would happen to this input combination if the price of labor increased? What
Suppose that in the United States a car can be produced with 200 labor hours, while a ton of rice requires 20 labor hours. In Japan, it takes 150 labor hours to make a car and 50 l
Explain the meaning of a production possibilities curve
what are the advantages and disadvantages of unemployment
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