1. What are some of the unique characteristics of the competitive market? 2. Discuss the role of elasticity in tax incidence and burden. 3.Competitive Markets Concepts. Indicate whether each of the following statements is true or false, and explain why. A. In long-run equilibrium, every firm i
Suppose that the (inverse) market demand curve for a certain drug is given by: p=100-q and the market supply curve is given by p=q. Suppose also that the drug is created from a bodily fluid extracted from an endangered species. Extracting the fluid kills the animal. Since society places some value on the existence of the anim
In Taxland, the first $10,000 earned per year is exempt from taxation. Between $10,000.01 and $30,000, the tax rate is 25 percent. Between $30,000.01 and $50,000 it's 30 percent. Above $50,000, it's 35 percent. You're earning $75,000 a year. a) How much taxes will you have to pay? b) What is your average tax rate? Your margi
The following are stats for the unemployment rates for five different groups during the months of Aug. 2005 and Aug. 2006. I need to know what would cause the shift in % for each group and if each group is a form of frictional, structural, or cyclical unemployment and why. 1. unemployment rate, bachelors degree and higher,
Question 3: In an effort to collect more revenue, the city of New York is considering imposing a $4 per ticket surcharge on ride tickets for "The Beast" watercraft at the South Street Seaport. (For simplicity, we will ignore the availability of Beast Rides at Pier 86 on West 42nd St.) The Independent Budget Office has su
Please write a problem related with either calculating DWL or with optimal reliance.
Which of these issues do you think is most common? Fiscal policy refers to nation's policy relating to the government spending, taxing, borrowing and debt management. The main objectives of the fiscal policy are: 1. Mobilization of resources 2. Acceleration of the economic growth 3. To minimize the inequalities of Incom
A Congressional staffer calls you on the phone for advice. Her boss may propose a law where sending an email costs 5 cents for every email address included in the message. The government does not get the money; it goes to the recipient(s) of the email. That is, each person has an email credit account. For every email sent, 5
How do automatic stabilizers safeguard the economy against the possible occurrence of a depression?
Length is not much of a factor in the evaluation, relevance is. These answers should be about 1/2 to 3/4ths of a page, excluding any diagrams you may include, where relevant. 1. What are the problems with determining the value of a public good to society? 2. Since economics seeks to bring about the efficient allocat
The explanations in the book don't seem to match how these problems are set up, and I am stumped! I need formulas written in numbers, not lengthy wording. Please help! 1) If the GDP in 1999 were $800 and the GDP deflator was 125%, 1987=100%, what is the real GDP and base year? 2) Assume the MPC is 2/3. If gross investment
I am writing an essay on implimenting a fat tax based on BMI levels. i need help with discussing whether it would be equitable and efficient to price descriminate based on BMI (charge higher prices to indivituals with higher BMIs) in this i need to discuss adverse selection, the economics of health insurance, and specific connec
===== 1. Demand for the product is Q = 50-1/2pe 2. Supply is determined by the equation Q = -20+2pe a. What is the equilibrium price and quantity of the good in a perfectly competitive market? b. No imagine that consumption of each unit of the good creates 20 dollars in externality. Illustrate the social welfare loss ass
Twin brother, Tom and Bill, constantly fight over toys. For instance, Tom will argue it is his turn to play with a toy, while Bill argues it is his turn. Their parents frequently have to intervene in these disputes. Their mom has conceived an idea that might reduce these conflicts. In particular, every toy in the house would
7.Which of the following characteristics is most important factor contributing to the growth of the corporate form of business organization: a. There is no distinction between the officers of the company and the owners of the company because they are one and the same. b. Limited legal liability. c. Profits are generally tax
All the following are policies that might be used to curb an inflationary trend, with the exception of: A) an increase in personal tax rates. B) an increase in the federal deficit. C) an increase in the reserve requirements of banks. D) a reduction in government spending. E) all of the above, with no exception.