Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

Assume that the gasoline industry is perfectly competitive, is a constant cost industry, and is currently in long-run equilibrium, Graphically describe the short-run and long-run effects on this market when a tax of $t per unit is imposed. Assume that the demanders are responsible for paying the tax. In your analysis, indicate the changes in the buyer's price, seller's price, profits, number of firms, industry output and firm's output going from the initial before-tax equilibrium to the short-run equilibrium to the final long-run equilibrium. Show clearly on your graph the long-run supply curve for the industry. How does the economic incidence of the tax change from the short-run to the long-run?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M938897

Have any Question? 


Related Questions in Microeconomics

Microeconomics assignmentdirections unless otherwise stated

Microeconomics ASSIGNMENT Directions: Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling and grammar. Sources must be cited in APA format. Your response should be four (4) ...

Topic 1 costs and economies of scaleyou have learned a good

Topic 1: Costs and Economies of Scale You have learned a good deal about production costs and profit in this unit. You have also learned that accountants and economists calculate profit differently. Moreover, many suppli ...

Assignmentyou have been offered a paralegal position with a

Assignment You have been offered a paralegal position with a firm in Raleigh, NC. A local winemaker has contacted your firm for legal assistance. No one in the firm knows anything about this subject but would like to exp ...

Discuss the security issues in addition to simple customs

Discuss the security issues (in addition to simple customs requirements) that your company must consider when transporting customers' goods across international borders. Do the markets your company usually serves make th ...

Economicsthe theory of market economies emphasizes freedom

Economics The theory of market economies emphasizes freedom of choice and limited government intervention. The classic argument for government intervention is market failure - the inability of the market economy to corre ...

Given the following chart answer the questions below

Given the following chart answer the questions below, assuming that all resources and technology are fixed for this farm. Corn(bu)    Soybeans(bu) 20,000             0 16,000             5000 12,000             9000 8,00 ...

Assignmentdoes your organization have a project portfolio

Assignment Does your organization have a project portfolio management process in place? Write 1100 words in APA format in response Think of a project that you have worked on. Suppose your team and any contractors associa ...

Answer these two questionthese is 2 econ question you need

Answer these two question These is 2 econ question, you need answer these by reading the article . you need give me the answer in 1 hour 1. Explain how settled agriculture led to civilization (meaning economic specializa ...

Discussion questionon the surface hinduism appears

Discussion Question On the surface, Hinduism appears radically different from Abrahamic religions like Islam and Judaism. However, Hindu teachings state that there is a single divine essence in the universe. Consider too ...

Microeconomics assignmentshort and long runlets assume that

Microeconomics Assignment Short and Long Run Let's assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between th ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate