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Which of the following curves—average fixed cost, average variable cost, average total cost, and marginal cost—would shift as a result of the lump-sum tax? Why? Show this in a graph. Label
Suppose a consumer’s preferences can be represented by the utility function U(X,Y) = Min (2X,Y). Also, suppose the consumer has $300 to spend and the price of Good X is PX = $3 and the price of
If the marginal cost ofplantingand harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest?
The following figures are based on budget estimates of Government of India for the year 2001 – 2002
Why are exports included in the estimation of domestic product by the expenditure method? Can the gross domestic product be greater than the gross national product? Explain
Distinguish between collusive and non-collusive oligopoly. Explain the following features of oligopoly.
Is the demand for the following elastic, moderate elastic, highly elastic? Give reasons.Demand for petrol Demand for text books
According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces?
If everyone were to obtain music and video content for free from websites such as MySpace, instead of paying Universal, what would Universal’s producer surplus be from music sales? What are the
You are considering selling your vintage 1969 convertible Volkswagen Beetle. If the car is in good condition, it is worth a lot; if it is in poor condition, it is useful only as scrap. Assume that you
Can you determine precisely by how much producer surplus has increased as a result of the $14.82 increase in the average fare? If you cannot be precise, can you determine whether it will be less than,
When the price fell from $29 to $19, how much did each consumer’s individual consumer surplus change? How does total consumer surplus change?
Gordon lists his old Lionel electric trains on eBay. He sets a minimum acceptable price, known as his reserve price, of $75. After five days of bidding, the final high bid is exactly $75. He accepts t
According to a Honda press release on October 23, 2006, sales of the fuel-efficient four-cylinder Honda Civic rose by 7.1% from 2005 to 2006. Over the same period, according to data from the U.S
The U.S. government is considering reducing the amount of carbon dioxide that firms are allowed to produce by issuing a limited number of tradable allowances for carbon dioxide
There is a debate about whether sterile hypodermic needles should be passed out free of charge in cities with high drug use. Proponents argue that doing so will reduce the incidence of diseases, such
The variables in the model with particular attention paid to whether consumer spending will increase, job growth will occur, and wages will rise.
One of President Obama's goals is energy independence for the United States. Suppose the President and Congress agree to a revenue-neutral plan to increase tax credits for production of green ene
In a meeting about whether to store inventory in a company-owned warehouse or rent a warehouse, a colleague says, "We should use our own warehouse and save the cost of renting one." Do you agree
Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%,noncumulative preferred stock and 2,000,000 shares of no-par common stock
Ceteris paribus, Diet Cola Brand X and Diet Cola Brand Y are substitutes in consumption. The price of Diet Cola Brand Y falls.
According to the principle of cyclical unemployment, what will occur when the demand for goods and services drops during a recession?
Also suppose that the actual professional staff hours charged to clients' accounts and the actual overhead costs turn out to be exactly as estimated in both years. By how much would the overhead be un
Some airline executives have called for reregulation. Why might an executive of an airline prefer to operate in a regulated environment?
A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95