Suppose that an excise tale of $1 is placed on sellers in a market for widgets. Using diagrams indic… Show more Suppose that an excise tale of $1 is placed on sellers in a market for widgets. Using diagrams indicate whether none, some, or all of the tax is passed on to the consumer in the form of a higher price for each case described below. Case 1: Demand curve is horizontal and supply curve is upward sloping. Case 2: Demand curve is vertical and supply curve is upward sloping. Case 3: Demand curve is downward sloping and supply curve is horizontal. • Show less

Suppose that the total revenue function of a firm is given by TR(q) = 120q – 2q^2, where q is the le… Show more Suppose that the total revenue function of a firm is given by TR(q) = 120q – 2q^2, where q is the level of output. Find the level of output q that will maximize the firm’s total revenue. Also, compute the maximum amount of total revenue received by the firm. • Show less

Home and Foreign both produce cars and food using labor and capital. In each country, labor and capi… Show more Home and Foreign both produce cars and food using labor and capital. In each country, labor and capital are both freely mobile across industries. It takes 5 units of labor and 3 units of capital to produce 1 unit of food, and 4 units of labor and 4 units of capital to produce 1 car. Home has 600 units of labor and 400 units of capital, while Foreign has 600 units of labor and 500 units of capital. Each country has the same relative demand curve, given by Pf/Pc= 1.1 – .075 * Qf/Qc (i) Which country is labor rich? Labor poor? Which good is labor intensive? Capital intensive? (ii) How much of each good will each country produce? (iii) For Home, find the relative price of food, the wage, and the rental price of capital in autarky (no trade). Draw the budget line for a Home worker and for the owner of 1 unit of Home capital. Note: the rental price of capital is the “wage” of capital. (iv) Do the calculation of (iii) for free trade. Draw the budget lines on the same diagram as you used for (iii). (v) Who in Home benefits from trade? Is it the scarce factor or the abundant factor? Who loses? The scarce factor or the abundant factor? • Show less

which curve shifts, and in what direction, when the following event occur in the domestic car marke… Show more which curve shifts, and in what direction, when the following event occur in the domestic car market? a) The U.S. economy falls into a recession. b) U.S. auto works go on strike. • Show less

Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of conc… Show more Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $10 million per year and a variable cost of $3 per bag no matter how many bags are produced. Instructions: Enter your answers as whole numbers. In part e, round your answer to 2 decimal places. a. If this firm kept on increasing its output level, would ATC per bag ever increase? . Is this a decreasing-cost industry? . b. If you wished to regulate this monopoly by charging the socially optimal price, what price would you charge? $ per bag. At that price, what would be the size of the firm’s profit or loss? At that price, the firm’s equals $ million. Would the firm want to exit the industry? . c. You find out that if you set the price at $4 per bag, consumers will demand 10 million bags. How big will the firm’s profit or loss be at that price? $. d. If consumers instead demanded 20 million bags at a price of $4 per bag, how big would the firm’s profit or loss be? At that price, the firm’s equals $ million. e. Suppose that demand is perfectly inelastic at 20 million bags, so that consumers demand 20 million bags no matter what the price is. What price should you charge if you want the firm to earn only a fair rate of return? Assume as always that TC includes a normal profit.$ per bag. • Show less

how to calculate tax ratio before tax?

In 1858, the mathematician August F. Mobius (http://www-history.mcs.st-andrews.ac.uk/Biographies/Mob… Show more In 1858, the mathematician August F. Mobius (http://www-history.mcs.st-andrews.ac.uk/Biographies/Mobius.html) discovered the Mobius-Strip (https://www.math.hmc.edu/~gu/curves_and_surfaces/surfaces/moebius.html). A Mobius strip, is a one-sided surface that can be formed from a rectangular strip by rotating one end 180 degrees and attaching it to the other end. Interestingly enough, when following the structural shape of the Mobius strip one can find very interesting observations, see for example J.S. Bach – Crab Canon on a Mobius Strip (https://www.youtube.com/watch?v=xUHQ2ybTejU). In Christianity the Holy Trinity; the Father, the Son, and the Holy Spirit, is the representation of three people in one God. In the document Teaching Trinity (http://derby.anglican.org/education/wp-content/uploads/2014/01/Ideas-booklet-for-Trinity.pdf) you can “find a collection of ideas for teaching about the distinctive Christian understanding of God.” If you look at exercise #2 you will see the following: “Using strips of A3 paper, experiment with making a Mobius strip. How many surfaces does it have? Draw round with a marker pen to show it has a single surface. Cut round this line. What happens? 2 linked circles. Cut round one of the circles again. What will happen?” (https://www.youtube.com/watch?v=BVsIAa2XNKc) Legend has it that Saint Patrick, patron saint of Ireland (http://www.catholic.org/saints/saint.php?saint_id=89) was responsible for ridding the Emerald Isle of snakes; but more importantly, it is said that Patrick used the shamrock as a symbol to explain the Trinity to Unbelievers, i.e., how God is One God in Three Persons. “Go ye therefore, and teach all nations, baptizing them in the Name of the Father, and of the Son, and of the Holy Ghost” (Matthew 28:19) (http://www.whatsaiththescripture.com/Fellowship/Edit_Trinity.and.Shamrock.html). Now the rare three leaf shamrock and the activity using the Mobius strip gives you the construction of three bodies crafted from one form giving us a perfectly justifiable form to believe the three people can be represented in one God. How do you think, this could be possible? answer this question using a christain perspective. MUST be 100 words or more. • Show less

rich family before tax 500,000. tax rate 30%. middle class before tax 50000. 20% tax rate. poor fam… Show more rich family before tax 500,000. tax rate 30%. middle class before tax 50000. 20% tax rate. poor family 20000. 2% tax rate. what is the ratio of rich’s family’s income to the poor family’s income before tax and after tax? is this tax progressive? • Show less

An increase in the supply of reserves in the banking system leads to an increase in the Fed funds ra… Show more An increase in the supply of reserves in the banking system leads to an increase in the Fed funds rate. a.True b.False • Show less

s production possibilities frontier (PPF) should reflect the fact that as Canada… Show more The shape of Canada’s production possibilities frontier (PPF) should reflect the fact that as Canada produces more trucks and fewer cars, the opportunity cost of producing each additional truck ______. • Show less