SophiaPretty

(5)

$14/per page/Negotiable

About SophiaPretty

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Accounting,Algebra See all
Accounting,Algebra,Applied Sciences,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Communications,Computer Science,Economics,Engineering,English,Environmental science,Essay writing Hide all
Teaching Since: Jul 2017
Last Sign in: 304 Weeks Ago, 6 Days Ago
Questions Answered: 15833
Tutorials Posted: 15827

Education

  • MBA,PHD, Juris Doctor
    Strayer,Devery,Harvard University
    Mar-1995 - Mar-2002

Experience

  • Manager Planning
    WalMart
    Mar-2001 - Feb-2009

Category > Business & Finance Posted 05 Sep 2017 My Price 6.00

i need help with this econ homework please and thank you

EC202 Winter 2016                                                    Name_____________________________

Homework 2   - Due Friday Jan. 29, 2016

Submit your answers to the following questions electronically to Canvas via Assignments as either a single Word or pdf file by 11:59 p.m.Other file types or multiple files will not be accepted/graded.Answer each questions neatly and thoroughly and show your work.  If you prefer, you may submit your homework answers physically in the drop box outside my office door (2280 SSB) before noon on Friday Jan 29.

 

1.       Use the supply-and-demand model to explain verbally and illustrate graphically why sales at the restaurant chain Chipotle have fallen lately.  (3)

2.      The graph below depicts the market for an asthma medicine.

           
 
    Text Box: D
 
 
   

 

 

 

Text Box: Q asthma medicine Text Box: 5000 10,000 15,000 20,000Text Box: $50Text Box: $100Text Box: DText Box: $150Text Box:

 

 

Note: Each vertical square equals $10; each horizontal square equals 1000 units

a.       Suppose many consumers complain to the government about the high price of their asthma medication and that the government responds by putting a price ceiling of $70 on this medication.  Will this policy help all the consumers of this medicine?  Explain verbally and illustrate on the graph. (3)

 

 

 

 

 

 

b.      How much deadweight loss will the price ceiling cause? Show on the graph.  (2)

3.      Several states have legalized pot. The graph below depicts the pot market in one of those states.  Note: Each vertical square equals $25; each horizontal square equals one thousand ounces.

       
 
    Text Box: S
 

 

 

 

Text Box: 100 Text Box: 200 Text Box: 300 Text Box: 400 Text Box: Q pot 1000s ounces Text Box: DText Box: P

 
  Text Box: 5101520

 

 

 

a.       How would an excise tax of $75 per 1000 ounce impact the equilibrium price and quantity of pot? State below and show on the graph.  (3)

 

 

 

b.      How EXACTLY would the excise tax impact the well-being of pot consumers?  Calculate below and show on the graph.  (3)

 

 

 

 

4.      Suppose that when the price of milk rises from $4.20 to $4.60 per gallon, the quantity demanded falls from 760 to 720 gallons.

 

a.       Compute the elasticity of demand for milk below.   (2)

 

 

 

 

b.      Based on your calculation, is the demand for milk sensitive to price or not sensitive to price? Explain. (2)

 

 

c.       Interpret the number you calculated for the elasticity of demand for milk. What does that number mean? (2)

 

 

 

d.      If the price of milk were to rise by 5%, how exactly would the quantity demanded change? Compute below. (2)

 

 

 

EC202 Winter 2016                                                    Name_____________________________

Homework 2   - Due Friday Jan. 29, 2016

Submit your answers to the following questions electronically to Canvas via Assignments as either a single Word or pdf file by 11:59 p.m.Other file types or multiple files will not be accepted/graded.Answer each questions neatly and thoroughly and show your work.  If you prefer, you may submit your homework answers physically in the drop box outside my office door (2280 SSB) before noon on Friday Jan 29.

 

1.       Use the supply-and-demand model to explain verbally and illustrate graphically why sales at the restaurant chain Chipotle have fallen lately.  (3)

2.      The graph below depicts the market for an asthma medicine.

           
 
    Text Box: D
 
 
   

 

 

 

Text Box: Q asthma medicine Text Box: 5000 10,000 15,000 20,000Text Box: $50Text Box: $100Text Box: DText Box: $150Text Box:

 

 

Note: Each vertical square equals $10; each horizontal square equals 1000 units

a.       Suppose many consumers complain to the government about the high price of their asthma medication and that the government responds by putting a price ceiling of $70 on this medication.  Will this policy help all the consumers of this medicine?  Explain verbally and illustrate on the graph. (3)

 

 

 

 

 

 

b.      How much deadweight loss will the price ceiling cause? Show on the graph.  (2)

3.      Several states have legalized pot. The graph below depicts the pot market in one of those states.  Note: Each vertical square equals $25; each horizontal square equals one thousand ounces.

       
 
    Text Box: S
 

 

 

 

Text Box: 100 Text Box: 200 Text Box: 300 Text Box: 400 Text Box: Q pot 1000s ounces Text Box: DText Box: P

 
  Text Box: 5101520

 

 

 

a.       How would an excise tax of $75 per 1000 ounce impact the equilibrium price and quantity of pot? State below and show on the graph.  (3)

 

 

 

b.      How EXACTLY would the excise tax impact the well-being of pot consumers?  Calculate below and show on the graph.  (3)

 

 

 

 

4.      Suppose that when the price of milk rises from $4.20 to $4.60 per gallon, the quantity demanded falls from 760 to 720 gallons.

 

a.       Compute the elasticity of demand for milk below.   (2)

 

 

 

 

b.      Based on your calculation, is the demand for milk sensitive to price or not sensitive to price? Explain. (2)

 

 

c.       Interpret the number you calculated for the elasticity of demand for milk. What does that number mean? (2)

 

 

 

d.      If the price of milk were to rise by 5%, how exactly would the quantity demanded change? Compute below. (2)

 

 

 

e.       If the government placed an excise tax on milk, who would pay the majority of the tax, milk producers or milk consumers? Explain verbally. (2)

 e.       If the government placed an excise tax on milk, who would pay the majority of the tax, milk producers or milk consumers? Explain verbally. (2)

 

 

Attachments:

Answers

SophiaPretty
(5)
Status NEW Posted 05 Sep 2017 12:09 PM My Price 6.00

Hel-----------lo -----------Sir-----------/Ma-----------dam----------- T-----------han-----------k y-----------ou -----------for----------- yo-----------ur -----------int-----------ere-----------st -----------and----------- bu-----------yin-----------g m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l b-----------e q-----------uic-----------kly-----------

Not Rated(0)