Question 1suppose the market for cigarettes is, Ask an Expert

Economics

Question 1.

Suppose the market for cigarettes is characterized by the following information:

Qd=70-5P [Demand] Qs =3P-10 [Supply]

Suppose the government imposes a sales tax of $2 per unit.

Calculate the Dead-Weight- Loss due to the sales tax.

Question2.

Suppose the market forwinein the U.S. is characterized by: Qd = 100 - 20P [Demand]

Qs = 20 + 20P [Supply]

The market for wine in the rest of the world is characterized by:

Qd = 80 - 20P [Demand] Qs = 40 + 20P [Supply]

Calculate the deadweight loss if the U.S. imposes a prohibitive tariff per unit of imported wine.

[Note: P = price per unit; Qd = billions of units demanded; Qs = billions of units supplied]

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91361076
Price:- $20

Guranteed 24 Hours Delivery, In Price:- $20

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question jared bernstein an economist at the center on

Question: Jared Bernstein, an economist at the Center on Budget and Policy Priorities, has stated: "I want to see receipt of unemployment insurance go up in recessions." If government unemployment insurance payments didn ...

Question - the following table shows a workers wages annual

Question - The following table shows a worker's wages (annual salary), from 2007 to 2010: Years Annual Salary CPI (base 100=2005) 2007 7524 109 2008 8208 119 2009 8892 125 2010 9234 130 a) Calculate the time-series data ...

Question if you want to have 500000 in todays dollars in

Question: If you want to have $500,000 in today's dollars in account after 10 years, how much do you need to put into this account today assuming 3% annual inflation and a 4% nominal annual bank rate compounded monthly? ...

Question is social security a fair and equitable system why

Question: Is Social Security a fair and equitable system? Why or Why not? Describe how the Core Values can be applied in the use of Social Security. Should the Social Security system be replaced? If so, with what? The re ...

Question imagine that a 10000 ten-year bond was issued at

Question: Imagine that a $10,000 ten-year bond was issued at an interest rate of 6%. You are thinking about buying this bond one year before the end of the ten years, but interest rates are now 9%. a. Given the change in ...

Question - the general mills company gmc purchased a

Question - The General Mills Company (GMC) purchased a milling machine for $90,000, which it intends to use for the next five years. This machine is expected to save GMC $31,000 during the first operating year. Then the ...

Question a company puts 25000 down and will pay 5000 every

Question: A company puts $25,000 down and will pay $5000 every year for the life of a machine (10 years). If the salvage value is $0 and the interest rate is 10% compounded annually, what is (most nearly) the present val ...

Question set up a ricardo-type comparative advantage

Question: Set up a Ricardo-type comparative advantage numerical example with two countries and two goods. Distinguish "absolute advantage" from "comparative advantage" in the context of your example. Then select an inter ...

Question autonomous consumption 225 trillionauntonomous

Question: Autonomous Consumption = 2.25 trillion Auntonomous Investments = 1.3 trillion Government Purchases = 3.6 trillion Taxes = 3 trillion Additional cost of borrowing due to financial fricitons = 1 marginal propensi ...

Question there are five horseracing tracks in kentucky the

Question: There are five horseracing tracks in Kentucky. The Kentucky legislature allows only one track to be open at a time. a. How will it affect the elasticity of demand for horse racing tickets? b. How does this rest ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert