Q: What are three categories of waste that are managed in any society? can you help with an analysis…
A: we will solve only 1st question for you .Only 1st part of the question is solvable.we do not…
Q: An oil refinery produces one base type of crude oil. The total cost is given by the equation Total…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: A store sells four brands of VCRS. During the past year the following number of sales of each of the…
A: Empirical probability is defined as number of times an event occurs / total number of times events…
Q: suppose complete and transitive check whether and are transitive and reflexive
A: First, to check whether > is transitive, we need to see if, for any x, y, and z, if x > y and…
Q: Why do economists prefer to use real gross domestic product (RGDP) instead of nominal gross domestic…
A: GDP, often known as the national income of the economy in this context, measures the production of…
Q: What distinguishes the supply of a product, like milk, from the quantity supplied? Explain in words…
A: Supply is the volume of products and services that a manufacturer is prepared to offer to customers…
Q: Study recent high inflation. You need to explore the inflation both in the long-run and short-run…
A: Inflation is the rise in average price level of goods and services over period of time. It decreases…
Q: Figure 4-9 Price per pack $12 CO 5 Tax 40 70 Stax Supply Demand Quantity of cigarettes (1000s of…
A: Equilibrium occurs at the intersection of demand and supply curves. Imposition of tax decreases…
Q: Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $4.25. Michelle was willing…
A: Consumer surplus is a measure of excess benefit to the buyer. CS=Willingness to pay - Actual price…
Q: base year is 2020. GOOD QUANTITY (2020) PRICE (2020) QUANTITY (2021) PRICE (2021) RULER 1000 R3.00…
A: Nominal GDP refers to the value of goods taken at the current year's prices, which is achieved by…
Q: R4
A: We know that In an open economy, tariffs and quotas are the two types of trade barriers used by the…
Q: What is a production possibility curve and explain points of efficiency, inefficiency, and not…
A: Production possibility curve refers to the curve which represents the set of combinations which…
Q: 1. Given the estimated market demand and supply functions for coffee as: Qxd= 85.6 –10Px –3Ps +Y and…
A: Price is determined through market mechanism. Demand and supply are the function which help to…
Q: Consider the labeled areas on the graph. Select every area on the graph that represents consumer…
A: Surpluses are amounts of resources or assets that are not being actively used. The difference…
Q: What is the purpose of an economic system? Select all that apply. Multiple answers: Multiple answers…
A: An economic system aims at proper organization and distribution of the available resources. It aims…
Q: How can we prevent population growth? 1. 3. ti
A: Population growth is the increase in a population's or a dispersed group's size.The term "population…
Q: 25. The time required for a sum of money to amount to five times itself at 16% simple interest p.a.…
A: The formula to calculate the simple interest is given by: Simple Interest = PTR100where,P =…
Q: Following the Second World War and prior to about 1980 most western economies? a. Had low income…
A: d. had open borders so that goods, services and people moved freely around the world.…
Q: Marginal cost equals Select one: O a. the variable costs of the current unit produced minus the…
A: Thank you for the question. According to Bartleby answering guidelines we only answer the first…
Q: Given that the level of labour is 10, the total production is 1,200, and the marginal product of…
A: The social science of economics examines and analyses the actions and choices that economic agents…
Q: xplain the Global Financial Crisis.
A: The mid-2007 to early-2009 era of high stress in the world's banking institutions and financial…
Q: 1. Suppose the demand and supply for milk is described by the following equations: QD = 800-100P;…
A: Equilibrium in the market occurs where quantity demanded is equal to quantity supplied.
Q: The nominal interest rate is 7 percent and the inflation rate is 2 percent. What is the real…
A: The real interest rate is adjusted for removing the effects of inflation.
Q: 13) What would traditional Economic theory predict about the relationship between WTP and WTA?
A: Traditional economic theory makes predictions about how WTP and WTA are related. According to…
Q: Why do economists prefer to use real gross domestic product (RGDP) instead of nominal gross domestic…
A: The nominal GDP refers to the final goods and services produced at market price within the domestic…
Q: 0 1 2 3 4 5 6 7 8 56 48 42 35 28 21 14 7 0 Instructions: Round intermediate calculations and round…
A: A product's value flexibility of interest is a proportion of how delicate the amount demanded is to…
Q: Assume that Smith deposits $500 in currency into her checking account in the XYZ Bank. Later that…
A: As we know A bank is a financial institution that mainly bridges the gap between savers and…
Q: How do economists handle the issue of multiple market-affecting factors changing at once when…
A: Inflation is one of the primary economic marketing elements that affects consumers' ability to buy.…
Q: Explain the three fundamental economic questions of What, How and for whom, stating clearly the…
A: Since you have asked multiple question, we will answer first question for you. If you want any…
Q: ECONOMICS UPVOTE WILL BE GIVEN. PLEASE CHOOSE THE CORRECT ANSWER. NO LONG EXPLANATION NEEDED. A…
A: Production cost is the main component to decide the level of production and price of goods. It is…
Q: A large wood products company is negotiating a contract to sell plywood overseas. The fixed cost…
A: Given, p=$600-0.05DFixed cost = $885,093Variable cost = $135 per thousand feet
Q: "Because it is good for individual households to increase their saving in the short run, it is…
A: Here we are talking about the short run where the economic growth is demand driven. And the demand…
Q: What has been the role of public health measures in improving the health status of the population?…
A: To safeguard the population's health, the government should impose stringent regulations. A healthy…
Q: Suppose that Country A's no-trade PPF is y = -2x + 40 and Country B's no-trade PPF is y = -x +30,…
A: Country A's PPF equation: y=40-2x ..... (1) Country B's PPF equation: y=30-x…
Q: A new alloy can be produced by Process A, which costs $200,000 to implement. The operating cost will…
A:
Q: 4. How many years would it take for an investment of $280,000 to cumulate to at least $425,000 at…
A: To find the solution to above problem we use following formula - FW = PW(1+ i)n FW = future worth…
Q: Depending on where a corporation conducts business, the way that corporation is designated changes.…
A: A company's stockholders do not have any legal claim over it. Businesses and persons have many of…
Q: nstructions: Enter your responses as a whole number. Output per Month Missiles Houses Opportunity…
A: Opportunity cost The value or advantage forfeited by engaging in a specific activity in comparison…
Q: Suppose that a nation currently is producing combination D in the table below and on the graph of…
A: Currently, the nation is producing at point D At D, smartphones produced =40 million per year, and…
Q: 2.31 A firm pays 5/12 of its labor force an hourly wage of $5, 1/3 of the labor force a wage of $6,…
A:
Q: If New Zealand's inflation rate is 25% inflation vs 15% inflation in our trading partners and the…
A: The real exchange rate is an inflation-adjusted exchange rate. As per PPP theory Real exchange…
Q: The Impact of International Monetary Fund (IMF) Structural Adjustment Policies (SAP) on the…
A: part 1. "The structural adjustment policies of the International Monetary Fund" (IMF) have had a…
Q: Demand studies in health care have provided estimates of both income and price elasticity. Estimates…
A: Elasticity basically refers to the change of one variable in response to other variables. It can be…
Q: 2. What, if anything, do these institutions maximize? a) A consumer-owned, cooperative grocery store…
A: Optimal production or benefit levels achieved are based on the purpose and type of institutions .…
Q: The tables to the right show recent state income tax C... (A) Write a piecewise definition for the…
A: As we need to find the tax due of an individual, hence we use the table "Single, Married filling…
Q: Amazon has a "Lightning Deal" where it slashes the price of one item. At 3:15 p.m. today, they…
A: The overall surplus of a market serves as a barometer for the general well-being of all…
Q: Market demand for the nuclear substance pluranium is given below, along with the TR for the given…
A: Given, Market demand for thr nuclear substance pluraniumPlunarium is supplied to the market by a…
Q: CONOMICS UPVOTE WILL BE GIVEN. PLEASE WRITE THE SOLUTIONS LEGIBLY. NO LONG EXPLANATION NEEDED. A…
A: According to option A, the company purchase 10,000 items per year at a price of Php 425 per item.…
Q: Given a demand function of Q = 20 - 2P, find the price range for which; A) Demand is elastic B)…
A: A) Demand is elastic for prices below 10. Demand is elastic for prices below 10. This means that as…
Q: Monopoly and perfect competition are two market structures at the opposite end of the spectrum.…
A: A market structure with lots of customers and sellers is called perfect competition. The market…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Question 5: Combined state and federal taxes on gasoline average around 50 cents per gallon, and these taxes are statutorily levied on gasoline sellers. Because the demand for gasoline is relatively inelastic compared to the supply of gasoline: buyers likely do not bear much of the actual burden because it is statutorily levied on sellers who must submit the tax payments. sellers likely bear most of the actual burden of the tax through lower gasoline prices. O the net price received by sellers after they pay taxes likely falls by almost the full amount of the tax. O buyers likely bear most of the actual burden of the tax through higher gasoline prices.The figure shows government expenditure and revenue as a percentage of GDP, 1990-2019. During which of the following periods did the federal government run a budget surplus? 27.0% 25.0% -Expenditures 23.0% 21.0% 19.0% Receipts 17.0% 15.0% YEAR O 1998-2001 None of these answers is correct. O 2003-2008 2012-2018 PERCENT OF GDP 0661 1991 1993 1994 9661 2661 6661 0007 2002 2003 2005 9007 2008 6007 2011 2012 2014 2015 2017 201815 12 D2 D1 100 101 Consider the supply and demand graph above showing a shift in demand from D1 to D2. Which of the following statements are true? (Select all that apply.) a. Consumers will see a larger change in price than producers. O b. Supply is more elastic than demand. O c. A supply-side tax would have had the same effect on the market. O d. Demand is elastic. O e. The shift from D1 to D2 represents a tax. O f. The amount of the tax/subsidy is $3 O g. There is not enough information to determine the elasticity of demand. O h. Producers will see a larger change in price than consumers. O i. Supply is inelastic. Oj. The shift from D1 to D2 represents a subsidy.
- Which of the following statements is correct? Choose an answer: O 1. Regardless of which side of the market the tax is levied on, the more inelastic side of the market bears the higher tax burden. O 2. If the supply is more elastic than the demand, then the suppliers bear the greater tax burden than the buyers. 3. The tax burden is incurred on the side of the market where the tax is levied. O 4. The tax burden is always borne half by the supplier and half by the customer. O 5. If the demand is more inelastic than the supply, then the providers bear the greater tax burden than the buyers. O00Suppose demand and supply of gasoline are given by the following linear functions: Qd = 100 - 20P Qs = 50 + 10P where Q is the quantity in millions of litres and P is the price per litre. Suppose a tax of $1.10 per litre is imposed on gasoline. The deadweight loss equals: O A. $2.13 million O B. $4.03 million OC. $3.33 million O D. $2.70 millionFigure 4 price 20 18 16 14 12 10 8 D 2 Datertak 10 20 30 40 50 60 70 80 90 100 110 120 130 quantity Refer to Figure 4. How much tax revenue and welfare loss (DWL) does this tax produce for the government? a. $640; $160 O b. $480; $80 $240; $160 O d. $360: $320
- QUESTION 10 Using the attached table, once the tax is implemented, the tax revenue will be be Quantity MB 520 525 530 535 540 545 550 164 160 156 152 148 144 140 136 MC 80 90 100 110 120 130 140 555 150 Note: MB designates the marginal benefit and reflects the values on the demand curve. MC is the marginal cost and designates the values on the supply curve. O $18,375, $1,750 $70, $35 O $36,750, $875 O $525, $1,750 MB-Tax (Amount producer receives) 94 90 86 and the deadweight loss will 82 78 74 70 66Suppose the government places a tax on a product. How does the cost of the tax compare with the revenue raised? The cost of the tax to buyers and sellers is less than the revenue raised from the tax by the government. O Without additional information, such as the elasticity of demand for this product, it is impossible to compare tax cost with tax revenue. The loss of surplus to buyers and sellers exceeds the revenue raised from the tax by the government. The cost of the tax to buyers and sellers equals the revenue raised from the tax by the government.Suppose that the for every 10% increase in the price of gasoline, consumers will decrease the quantity demanded by 1%, and suppliers will increase their supply of gasoline by 9%. Next, suppose that there is a $0.50 per gallon tax on gasoline, and after the tax quantity exchanged in the market is 15 billion gallons of gasoline. Given this information, what is the total government revenue from the tax? What is the consumer and producer tax incidence (how much of the tax revenue would have come from consumers, and how much from suppliers)? Search entries or author Reply. Unread ↓ 5 5 Replies are only visible to those who have posted at least one reply.
- The government is worried about high rates of cigarette smoking and so it's considering implementing a cigarettes tax. The government knows that the demand for cigarettes is very inelastic, and the supply of cigarettes is perfectly elastic. Which of the following statements are true? (Select all that apply.) O a. It doesn't matter how the tax is implemented. O b. There are positive externalities associated with smoking. O c. Smoking will decrease only slightly in the short-run. O d. Regardless of how the tax is implemented, consumers will pay the full amount of the tax. O e. The government will collect more revenue if the tax is on the suppliers. O f. Consumers and suppliers will split the burden of the tax. O g. Smoking will decrease more if the tax is the on the suppliers. O h. A tax on cigarettes is one way to make smokers internalize the cost of the externalities associated with smoking. O i. Smoking will decrease more in the long-run than in the short-run. O j. Smoking will…Which of the following best describes the economic concept of "deadweight loss"? Select one: Oa. The decrease in total surplus resulting from the removal of excise tax. O b. The decrease in total surplus resulting from the "distortion" to the market from a tax. O c. The increase in total surplus resulting from the removal of excise tax. O d. The increase in total surplus resulting from the "distortion" to the market from a tax.> D Question 4 Price (dollars per widget) a O 8 4 N 10 $6. S O between $8 and $6. more than or equal to $8. less than $6. 1 pts 20 30 40 50 60 Quantity (millions of widgets per year) In the figure above, if a tax of $2 per widget is imposed on sellers, then the after-tax amount per widget received by the seller will be