1. Consider a tax on the producers in a market. By using supply and demand curves, show the consumer surplus, producer surplus, the equilibrium price and quantity traded before tax. Now show the consumer surplus, producer surplus, equilibrium price and quantity traded after tax.
2. Finally make sure to show the revenue of the tax and the deadweight loss associated with the tax. Now do the same exercise in part-c by assuming a tax on consumers.
3. What happens to consumer surplus, producer surplus, equilibrium price and quantity traded after tax?

4. People in a third state took the same literacy test mentioned in question 1. They retook the same literacy test after an educational intervention. Please test whether there is a difference between literacy-after and literacy-before.

   Literacy_after	Literacy_before
   10.1	6.8
   10.4	8
   9.6	7
   7.7	8.6
   10.3	7.5
   12	9.4
   12	6.2
   9.2	7.1
   10.5	5.9
   10.4	6.5
   10.5	7.5
   9.6	5.8
   8.8	8.9
   8.7	8.7
   9.7	6
   7	7

HCN gas, a powerful respiratory inhibitor, is highly toxic. It is a very weak acid (K_a = 6.2 x 10^-10) when dissolved in water. If a 50.00-mL sample of 0.100 M HCN is titrated with 0.100 M NaOH, calculate the pH of the solution:

a. before the titration starts.

b. after 8.00 mL of 0.100 M NaOH has been added.

c. at the half-way point of the titration.

d. at the equivalence point of the titration.

e. after 52.00 mL of 0.100 M NaOH has been added.

One of the shortcomings of monetary policy is the problem with timelags. This is a problem because:

Non banks can make loans as well as member banks over time

It takes time for the US senate to approve the FED changes

It takes time for the FED to get approval of it’s actions from the US President

After the FED takes an action it may take years for the discount rate and Fed funds rate to change

After the FED takes an action it could be months or even years before the changes impacted our macroeconomic economy

In a test of the effectiveness of garlic for lowering​ cholesterol, 45 subjects were treated with garlic in a processed tablet form. Cholesterol levels were measured before and after the treatment. The changes in their levels of LDL cholesterol​ (in mg/dL) have a mean of 4.1 and a standard deviation of 18.6

Construct a 90​% confidence interval estimate of the mean net change in LDL cholesterol after the garlic treatment. What does the confidence interval suggest about the effectiveness of garlic in reducing LDL​ cholesterol?

What is the confidence interval estimate of the population mean μ​?

A capacitor of unknown capacitance C is charged to 130 V and connected across an initially uncharged 75 uF capacitor. if the final potential difference across the 75 uF capacitor is 47 V what is C? After you find the value of C, you charge this capacitor C to a potential difference V=140 V between its plates. The charging battery is now disconnected and a slab material ( k=7.20 is slipped between the plates. what is the potential energy of the device, both before and after the slab is introduced?

The diameter of a cylinder follows a normal distribution with the mean of 10cm and the variance of 0.04 cm^2.

a) Construct a Shewhart chart to monitor the process mean of cylinder diameter with a sample size 9? (Use L=3)

b) If the mean of the process changes to 10.5 cm, what is the probability that you detect this mean shift at the immediate next sample (the first sample after the mean shift)?

c) Continue b), what is the probability of detecting this mean shift before plotting the 5th sample after the mean shift?

2.51 Cards are drawn from a standard 52-card deck until an ace is drawn. After each card is drawn, it is put back in the deck and the cards are reshuffled so that each card drawn is independent of all others.

(a) Find the probability that the first ace is drawn on the 5th selection.

(b) Find the probability that at least 5 cards are drawn before the first ace appears.

(c) Repeat parts (a) and (b) if the cards are drawn without replacement. That is, after each card is drawn, the card is set aside and not replaced in the deck.

Discuss the relationship between the actual budget surplus and the HEB (i.e., the high-employment or cyclically-adjusted budget surplus) immediately after the negative demand shock (i.e., in the short run), assuming they are equal before the shock occurs.  In other words, explain why one is larger than the other after the shock.  Your answer should consider both the case where the actual budget surplus is required to be zero and the case where there is no restriction on the actual budget surplus.   

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