Có 40+ tài liệu thuộc chủ đề "nguyên lý kinh tế"
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As Figure 4-11 shows, the shift in the supply curve raises the equilibrium price from $2.00 to $2.50 and lowers the equilibrium quantity from 7 to 4 cones. As a result of the earthquake, the price of ice cream rises, and the quantity of ice cream sold falls.. The curves shift in the same directions as they did in our...
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A small increase in the price of butter, assuming the price of margarine is held fixed, causes the quantity of butter sold to fall by a large amount. D e f i n i t i o n o f t h e M a r k e t The elasticity of demand in any market de- pends on how...
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responds substantially to changes in the price. Supply is said to be inelastic if the quantity supplied responds only slightly to changes in the price.. The price elasticity of supply depends on the flexibility of sellers to change the amount of the good they produce. In most markets, a key determinant of the price elasticity of supply is the time...
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As the price of tickets rises from $200 to $250, what is the price elasticity of demand for (i) business travelers and (ii) vacationers? (Use the midpoint method in your calculations.). Use the midpoint method to calculate your price elasticity of demand as the price of compact discs increases from $8 to $10 if (i) your income is. Calculate your...
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The sellers who appeal to the personal biases of the buyers, perhaps due to racial or familial ties, are better able to sell their goods than those who do not. Quantity of Ice-Cream Cones 0. Price of Ice-Cream Cone. C A S E S T U D Y THE MINIMUM WAGE. An important example of a price floor is the...
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The mistaken assumptions about the incidence of the luxury tax quickly be- came apparent after the tax went into effect. Suppliers of luxuries made their congressional representatives well aware of the economic hardship they experi- enced, and Congress repealed most of the luxury tax in 1993.. Q U I C K Q U I Z : In a supply-and-demand diagram,...
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Now suppose that the price falls from P 1 to P 2 , as shown in panel (b). The increase in consumer surplus attribut- able to the lower price is the area BCFD.. First, those buy- ers who were already buying Q 1 of the good at the higher price P 1 are better off be- cause they now pay...
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sellers sometimes affect people who are not participants in the market at all. Pol- lution is the classic example of a market outcome that affects people not in the market. Market power and externalities are examples of a general phenomenon called market failure—the inability of some unregulated markets to allocate resources effi- ciently. Despite the possibility of market failure, the...
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Let’s consider first how the elasticity of supply affects the size of the dead- weight loss. In the top two panels of Figure 8-5, the demand curve and the size of the tax are the same. The only difference in these figures is the elasticity of the sup- ply curve. Size of tax Size of tax. of tax Size of...
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Identify the following areas both before and after the imposition of the tax: total spending by consumers, total revenue for producers, and government tax revenue.. Illustrate the effect of this tax increase on the quantity of cars sold in New Jersey, the price paid by consumers, and the price received by producers.. Suppose that the government subsidizes a good: For...
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The tariff matters only if Isoland becomes a steel importer. Concentrating their attention on this case, the economists com- pare welfare with and without the tariff.. Under free trade, the domes- tic price equals the world price. A tariff raises the price of imported steel above the world price by the amount of the tariff. Domestic suppliers of steel, who...
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Tariffs and Trade (GATT), which is a continuing series of negotiations among many of the world’s countries with the goal of promoting free trade. The United States helped to found GATT after World War II in response to the high tariffs imposed during the Great Depression of the 1930s. Many economists believe that the high tariffs contributed to the economic...
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production, the value of the aluminum to consumers (as measured by the height of the demand curve) exceeds the social cost of producing it (as measured by the height of the social-cost curve). The planner does not produce more than this level because the social cost of producing additional aluminum exceeds the value to consumers.. Note that the equilibrium quantity...
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achieve any point on the demand curve either by setting a price with a Pigovian tax or by setting a quantity with pollution permits.. But, because the EPA does not know the demand curve for pollution, it is not sure what size tax would achieve that goal. The auction price would yield the ap- propriate size of the Pigovian tax.....
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Because knowledge is a public good, profit- seeking firms tend to free ride on the knowledge created by others and, as a result, devote too few resources to the creation of knowledge.. The inventor thus obtains much of the benefit of his invention, although certainly not all of it. The government tries to provide the public good of general knowledge...
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Yet hunting the buffalo was so popular during the nineteenth century that by 1900 the animal’s population fell to about 400 before the government stepped in to protect the species. In some African countries to- day, the elephant faces a similar challenge, as poachers kill the animals for the ivory in their tusks.. The cow, for ex- ample, is a...
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storekeeper an extra amount that the storekeeper remits to the government. (Some states exclude certain items that are considered necessities, such as food and cloth- ing.) Property taxes are levied as a percentage of the estimated value of land and structures, and are paid by property owners. Together these two taxes make up more than a third of all receipts...
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Tax incidence—the study of who bears the burden of taxes—is central to evaluat- ing tax equity. As we first saw in Chapter 6, the person who bears the burden of a tax is not always the person who gets the tax bill from the government. As a result, they affect people beyond those who, according to statute, actually pay the...
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Similarly, when Helen hires workers to make the cookies, the wages she pays are part of the firm’s costs.. An important implicit cost of almost every business is the opportunity cost of the fi- nancial capital that has been invested in the business. $15,000 is one of the implicit opportunity costs of Helen’s business.. In this section we examine the...
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In the range of output from 0 to 4 bagels per hour, the firm experiences increasing marginal prod- uct, and the marginal-cost curve falls. After 5 bagels per hour, the firm starts to ex- perience diminishing marginal product, and the marginal-cost curve starts to rise.. This combination of increasing then diminishing marginal product also makes the average-variable-cost curve U-shaped.. Marginal...