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Should tenants who rent apartments worry that increases in property taxes will increase their rent? Does your answer change when considering the long run?
If the federal government wanted to tax a good and suppliers were strong lobbyists. Would government prefer supply or demand to be more inelastic? Why?
Suppose demand for cigarettes is inelastic and the supply of cigarettes is elastic. Who would bear the larger share of the burden of a tax placed on cigarettes?
Which good would an economist normally recommend taxing if government wanted to minimize welfare loss and maximize revenue.
Calculate the percentage of the tax borne by the demander and supplier in each of cases. Summarize your findings regarding relative elasticity and tax burden.
Assuming nothing else changes, what do you expect to happen to the resulting shortage of jobs as time progresses?
What is the general rule of political economy? Give an example from the real world. Do firms have a greater incentive to engage in rent-seeking behavior?
State three reasons for a potentially beneficial role of government intervention.
Why did the program distinguish among top-performing students? Why didn't the president reduce tuition for all students?
What evidence would a skeptical economist likely look for to determine the motives behind the passage of this law?
What is the market solution to the excess demand for college? What is a possible reason the market solution was not pursued?
How would an economist likely respond to the statement There is no such thing as an acceptable level of pollution?
Why did recycling increase and garbage collection decrease? Why did the weight of garbage fall by less than the volume of garbage collected?
Why are voluntary contributions to provide for public goods such as city parks unlikely to lead to an efficient quantity of parks in a city?
If owners of cherry stereos want $700 for their cherries, how will your estimate of the chance of getting a cherry change?
Automobile insurance companies offer low-premium contracts with a high deductible and high-premium contracts. What is the adverse selection problem?
What economic reason is there for such a practice? Is it fair? What would you expect to be the mix of lemons and cherries for sale?
What else about the nature of labor demand curves might help a policy maker design policies that could counteract negative effect of labor standards employment?
Why would consumers do this? What implication might this have for the conclusions drawn about markets?
Yet, as your text author cautions, these conditions may not hold. How can you be sure if they ever hold? (Institutionalist)
In a centrally planned economy, how might central planners estimate supply or demand? (Austrian)
In most developing countries, there are long lines of taxis at airports, and these taxis often wait three hours. Demonstrate with supply and demand analysis.
What would you expect would happen to wheat prices? Demonstrate graphically the effect you suggested in part a.
Why does the price of airline tickets rise during the summer months? Demonstrate your answer graphically.
Why does sales volume rise during weeks when states suspend taxes on sales by retailers?