(a) Using an appropriate diagram Illustrate and explain the welfare effects of a unit tax on a commodity within the framework of indifference curves analysis

(b) Illustrate on the same diagram, the welfare effects of a lump-sum tax that generates the same amount of tax revenue as in (a). (1.5 marks)

(c). Are the welfare effects the same? Is any of the taxes efficient? Explain why or why not. (1.5 marks)

Market demand and supply for a commodity are given by the following equations:

Demand: X = 30 – (1/3) P

Supply: X = -2.5 + (1/2) P where X= quantity (units), and P=price per unit ($)

Suppose that the government is planning to impose a tax on this commodity and considering the following two options:

Option 1: A unit tax of $15 Option 2: An ad valorem tax of 20%

a) Find the tax incidence on buyers and producers, and the tax revenue of the government under each the two options

b) Compare the two options in terms of their welfare costs

Describe 3+ techniques you would use to tell someone bad news, in a sensitive way (e.g. family, friends).

4. EFG Manufacturing has a product that sells for $15 per unit, and the marginal cost is $5.00.

a. Compute the Lerner index for EFG Manufacturing.

b. If this index indicates market power, under what condition(s) will this market power last in the long-run? Explain.

Explain the difference deemed appropriate for government intervention in addressing the state of the economy between Keynesian and Classical theorists. Do they have a sharply different perspective on the role of the government and if so what are the positions of each group regarding using government intervention to affect the state of the economy.

Were the actions taken thus far by the federal government to address the dire impact of Covid19 on the state of the economy more Keynesian or Classical in principle? What is your personal opinion as to the actions that have been, and will be, taken by the federal government to address the state of the economy?

you are the curator of a museum. the museum is running short of funds, so you decided to increase revenue. should you increase or decrease the price of admission? explain

Find a current event on a social issue. .

Summarize the article and right your thoughts and opinions on the article. Minimum 1 page tyepd.

note : your paper will submit on 'turnitin'

Using the aggregate demand and aggregate supply model, explain what changes occurred during the Great Depression in the 30’s.

i need one or two pages of this paper.

What are the current events for your social issue

note: this paper are going to put in 'turnitin'

thats mean less coppy and paste would be great

Suppose that consumers become pessimistic about the future health of the economy. What will happen to aggregate demand and to output? Show this using AD/AS graphs. What might the president and Congress have to do to keep output stable?

Jamal views hamburgers and hamburger buns as perfect complements in his consumption, and the corners of his indifference curves follow the 45-degree line. Suppose the price of hamburgers is $10 per package (6 hamburgers ), the price of buns is $3 per package (8 hamburger buns), and Jamal's budget is $50 per month. What is his optimal choice under this scenario?    

What are the three responsibilities the federal reserve domestic scale holds and three the federal reserve international scale holds?

1.    Here are two statements, each of which may be true or false.

I Production requires at least two factors of production (inputs).

II       In the short run, all factors of production are fixed.

Choose the correct option from the list below.

A      Neither statement is true.

B       Only I is true.

C       Only II is true.

D      Both statements are true.

2.         A sunk cost is a cost that once incurred can

A      always be recovered

B       never be recovered

C       sometimes be recovered

3.    Consider the short run. Which statement below is TRUE?

A      Average fixed cost falls as output increases.

B       Average fixed cost rises as output increases.

4.        The short-run supply curve of a competitive firm is the

A          average variable cost curve above the short-run marginal cost curve

B          marginal cost curve above the short-run average variable cost curve

5.        The short-run supply curve of a competitive industry is the

A          horizontal sum of the short-run supply curves of all competitive firms

B          vertical sum of the short-run supply curves of all competitive firms

6.    An increasing cost industry has a supply curve that is

A      downward-sloping

B       flat

C       upward-sloping

Questions 7-8. A firm operating under conditions of competition is a price taker in the market for its product (and also in the market for its inputs), whereas a monopolist is a price searcher in the market for its product (and likely but not necessarily in the market for its inputs).

7.    Here are two statements, either of which may be true or false.

I A price taker never makes more than normal profit in the short run.

II       A price taker never makes more than normal profit in the long run.

Choose the correct option from the list below.

A      Neither statement is true.

B       Only I is true.

C       Only II is true.

D      Both statements are true.

8.    Here are two statements, either of which may be true or false.

I A price searcher always makes more than normal profit in the short run.

II       A price searcher always makes more than normal profit in the long run.

Choose the correct option from the list below.

A      Neither statement is true.

B       Only I is true.

C       Only II is true.

D      Both statements are true.

9.    Here are four statements, each of which may be true or false.

I           The output of a monopoly is always less than that which would prevail if the industry were organized competitively.

II          If economies of scale were possible, the output of a monopoly might sometimes be greater than that which would prevail if the industry were organized competitively.

III        If perfect price discrimination were possible, the output of a monopoly might sometimes be greater than that which would prevail if the industry were organized competitively.

IV        The output of a monopoly is always greater than that which would prevail if the industry were organized competitively.

Choose the correct option from the list below.

A      Only I is true.

B       Only II is true.

C       Only III is true.

D      II and III are true, but I and IV are false.

E       Only IV is true.

10. The difference between tying and bundling is that

A      bundled goods are sold one to one and tied goods are sold one to many.

B       tied goods are sold one to one and bundled goods are sold one to many.