What is the value of the market basket for 2006? Price Quantity (2006) Quantity (2007) Price Item (2006) (2007) Restaurant meals 100 $10.00 100 $12.00 Weeks of parking 50 $100.00 50 $97.50

6. Who should pay the tax? The following graph gives the labor market for laboratory aides in the imaginary country of Sophos. The equilibrium hourly wage is $10, and the equilibrium number of laboratory aides is 250. Suppose the federal government of Sophos has decided to institute an hourly payroll tax of $4 on laboratory aides and wants to determine whether the tax should be levied on the workers, the employers, or both (in such a way that half the tax is collected from each party). Use the graph input tool to evaluate these three proposals. Entering a number into the Tax Levied on Employers field (initially set at zero dollars per hour) shifts the demand curve down by the amount you enter, and entering a number into the Tax Levied on Workers field (initially set at zero dollars per hour) shifts the supply curve up by the amount you enter. To determine the before-tax wage for each tax proposal, adjust the amount in the Wage field until the quantity of labor supplied equals the…

QUESTION 28 Extensive medical research has concluded that using tobacco is harmful to your health. As a result, fewer Americans use tobacco today than they did 40 years ago. Economists would say that this change in _____ decreased the demand for tobacco, all else equal.   a. tastes   b. incomes   c. the price of a substitute product   d. the price of a complementary product     QUESTION 29 Which of the following is a curve that illustrates the relationship between the price of a good and the quantity that people are willing to buy at each price?   a. diminishing marginal benefit   b. the supply curve   c. utility   d. the demand curve     QUESTION 30 Which of the following would decrease the supply of leather boots?   a. a decrease in the price of leather boots   b. an increase in the price of leather   c. better technology in boot production methods   d. a decrease in the price of sewing machines…

The following table is a supply and demand schedule for the eggs market. PRICE (per dozen eggs) DEMAND (in million dozens) SUPPLY (in million dozens) AED 10 340 160 AED 11 320 200 AED 12 300 240 AED 13 280 280 AED 14 260 320 AED 15 240 360 AED 16 220 400 Based on the above data answer the following questions. Need to use correct units in the answer (AED, million dozens, etc) ( a) What is the equilibrium price? b) What is the equilibrium quantity ? c) Is there a surplus or shortage at AED 16? d) With respect to question c, how much is the surplus or shortage?