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Suppose the demand for a product is given by P= 30 - 3Q. Also, the supply is given by P= 10 + Q. If a $4 per unit excise tax is levied on the buyers of a good, after the tax, the total amount of tax paid by the producers is.
Business Economics, Economics
Suppose that a firm had a production function given by: q=2L0.5K0.5. The rental rate for the firm is $10 and the wage is $5. Solve the optimization condition for K and then fill in the value that appears in front of L. K ...
How do you calculate the annual interest rate of 12% compounded monthly. I know how to do for annually but not monthly. You are offered the opportunity to put some money away for retirement. You will receive 10 annual pa ...
1. Explain the different elements of property rights. Provide an example of how the US economy infringes on each. 2. Explain why inequality is considered to be a social "bad" by many people. In what way could inequality ...
Suppose Oregon proposes indexing the minimum wage to inflation. Describe the substitution and scale effects you anticipate with this policy? (In your response, assume that the minimum wage is an effective price floor and ...
Suppose the quantity of fish purchased by Mr Singh family is 21 kilos per year when the price is $11.50 per kilo and 17 kilos per year when the price is $20.50 per kilo. Calculate the price elasticity of demand coefficie ...
1. The following table shows the prices and quantity demanded of Alberta wheat in 2014 and 2015. The change in 2012 resulted from exceptional weather, resulting in a bumper crop. 2014 2015 Bushels demanded 1.74 billion 1 ...
Event A occurs with probability 0.4. If events A and B are not disjoint, then a P ( B ) 0.6 b P ( B ) ≥ 0.6. c P ( B ) > 0.6. d P ( B ) Step 1: You are tossing a balanced die that has probability of coming up ...
Assume that 8% of people have AB blood. A hospital blood bank needs ABblood so the blood bank begins checking potential donors. Use this Excel file geometric probabilities (enable the macro after opening the file) or thi ...
Ernie's utility function is U ( x , y ) = 32 xy . He has 10 units of good x and 8 units of good y. Waldo's utility function for the same two goods is U ( x , y ) = 3 x + 5 y . Waldo has 9 units of x and 13 units o ...
Below are commute times and amounts of rainfall for a few randomly selected dates last year. Rain (mm) Commute time (min) 3 20 0 10 1 25 ...
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Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate
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