Assume that the willingness to pay for a particular shirt is 125 and that producing that shirt has a marginal cost of 30. In addition, a tax of 20 is levied on the buyer of this shirt. How much does the purchase or sale of this shirt increase overall economic welfare?
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- what is the mariginal rate of subsitutuion between two complementary goods ?What Is Quantity Discount Analysis?In 2010 the government’s main medical adviser drew up plans for a minimum price for alcohol intended to double the cost of some drinks.Under the proposal no drinks could be sold for less than 50 pence per unit of alcohol theycontain. This would mean most bottles of wine could not be sold for under £4.50. Theproposal is aimed at reducing alcohol abuse. A spokesman for an opposition party saidthat it was more important to deal with peoples’ attitudes and not just the price of alcohol.The Portman Group, set up by drinks manufacturers to promote sensible drinking, arguesthat it would damage the majority of drinkers who behave responsibly in terms of theirconsumption.The NHS bill for alcohol abuse is an estimated £2.7bn a year. Recent figures showhospital admissions linked to alcohol use have more than doubled in England since 1995.Alcohol was the main or secondary cause of 207,800 NHS admissions in 2006/7,compared to 93,500 in 1995/96. The number of alcohol-related deaths in England…
- (A) Express the demand x as a function of the price p. x = 20000 – 50p| The domain of this function is p>0 (Type an inequality or a compound inequality.) (B) Find the elasticity of demand, E(p). - 50p 20000 – 50p E(p) =Does a single individual making $500,000 pay the samemarginal tax rate as another making $1 million? Explain.Provide a 2-3 sentence explanation of what it means for a good to be inelastic.
- Lactose intolerance causes difficulty digesting dairy products that contain lactose (milk sugar). It is particularly common among people of African and Asian ancestry. In the United States, 82 % of the population is white, 14 % is black, and 4 % is Asian. Moreover, 15 % of whites, 70 % of blacks, and 90 % of Asians are lactose intolerant.. What percent of the entire population is lactose intolerant?I don't understand how to gtaphically change the resulting fators.which statement is correct A result of welfare economics is that the price of a product is considered to be the best price because it maximizes total surplus. A seller would be willing to sell a product only if the price received is less than the cost of production. Suppose that the equilibrium wage in the labor market is $8.00 per hour of labor. If a law increased the minimum wage from $7.25 to $10.00 per hour of labor, any possible increase in producer surplus would be smaller than the loss of consumer surplus. In a market, for any given quantity, the price on a demand curve represents the marginal buyer's willingness to pay.
- how the concept of diminimishing matginal ulitily leads to folks allocating their income to a varied market basket of goods?The demand curve for kidneys is downward sloping and the supply curve of kidneys is upward sloping. If it is unlawful to pay someone for a kidney, fewer kidneys will be forthcoming. In other words, the quantity supplied of kidneys is less at $0 than at, say, 20,000.Fewer kidneys supplied mean fewer kidney. Would there be fewer kidney transplants if the supply curve of kidneys is vertical?What is "Pareto Efficiency"? This is a key concept in welfare economics. Write at least a paragraph to describe this concept and give some examples.