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Suppose that Congress imposes a tariff on import autos to protect the US in auto industries from foreign competition assuming that the United State is a price taker in the world auto Market show the following on a diagram the change in the quantity of imports the lost to us consumers the game to us manufactures government revenue and the diet weight loss associated with the tariff the loss to consumer can be decomposed into three pieces again to domestic producers revenue for the Government and that weight loss use your diagram to identify these three piece
1. After two quarters of increasing levels of production, the CEO of Canadian Fabrication & Design was upset to learn that, during this time of expansion, productivity of the newly hired sheet metal workers declined with each new worker hired. Believing that the new workers were either lazy or ineffectively supervised (or possibly both), the CEO instructed the shop foreman to “crack down” on the new workers to bring their productivity levels up.
Give the total cost function
Tc(q)-Q2+10Q+100
NET profit stands for
Suppose the market demand-and-supply curves for the gasoline market are as given below. In each case, quantity refers to millions of litres of gasoline per month; the price is the price per litre (in cents).
Demand: P= 300 - 20QD
Supply: P= 120 + 4QS
Given these equations, the equilibrium price is 150 cents and the equilibrium quantity is 7.5 million litres. Compute the total revenue raised by the gasoline tax. What share of this tax is “paid” by consumers, and what share is “paid” by producers? (Hint: if the consumer price were unchanged from the pre-tax equilibrium, we would say that consumers pay non of the tax)
When the government imposes a tax of 36 cents per litre, Q*new = 6 million litres, the price consumers now pay is 180 cents and the price producers now receive is 144 cents.
The total revenue raised by the gasoline tax is $_____ million
The percentage share of this tax revenue is "paid" by consumers is ?
The percentage share of this tax revenue is "paid" by producers is ?
Suppose the market demand-and-supply curves for the gasoline market are as given below. In each case, quantity refers to millions of litres of gasoline per month; the price is the price per litre (in cents).
Demand: P= 300 - 20QD
Supply: P= 120 + 4QS
Given these equations, the equilibrium price is 150 cents and the equilibrium quantity is 7.5 million litres. Compute the total revenue raised by the gasoline tax. What share of this tax is “paid” by consumers, and what share is “paid” by producers? (Hint: if the consumer price were unchanged from the pre-tax equilibrium, we would say that consumers pay non of the tax)
When the government imposes a tax of 36 cents per litre, Q*new = 6 million litres, the price consumers now pay is 180 cents and the price producers now receive is 144 cents.
The total revenue raised by the gasoline tax is $_____ million
Identify the relevant elasticity concept for the given event. Then, compute the measure of elasticity using average prices and quantities in your calculations. In all cases, assume that these are ceteris paribus changes.
As average household income in Canada increases by 10 percent, annual sales of Toyota Camrys increase from 56,000 to 67,000. The relevant elasticity concept is _________ and the computed elasticity is ___________
How can rising oil prices in recent years be explained?
Your flatmate is a better cook than you are, but you
can clean more quickly than your flatmate can. If your
flatmate did all of the cooking and you did all of the
cleaning, would your chores take vou more or less
time than if you divided each task evenly? Give a simi-
lar example of how specialisation and trade can make
two countries both better off.
6.
The pension system provides income for people when
they retire. Recipients with more income from other
sources receive smaller benefits (after taxes) than recipi-
ents with less income from other sources.
a. How does the provision of pensions affect people's
incentive to save while working?
