10.)Suppose that Jacques, Julia, Cat, and Guy are potential suppliers of catering services forweddings. Each can cater at most one wedding. Jacques' cost of catering a wedding is $50,000;Julia's cost is $40,000; Cat's cost is $30,000; and Guy's cost is $20,000. If 3 weddings arecatered, who will be the marginal producer?a.) Jacquesb.) Juliaс.) Catd.) Guy11.)Suppose that a $6 tax in the market for ice cream cones causes the equilibrium quantity of icecream cones to decrease by 2. If consumer tax incidence is $5, and producer tax incidence is $1,what is the deadweight loss caused by the tax?a.) $3b.) $4c.) $5d.) $612.) The Laffer curve is upward sloping when:a.) The dead weight loss curve is at a maximumb.) The value of the tax in a market is sufficiently lowc.) The value of the tax in a market is sufficiently highd.) The Laffer curve is never downward sloping13.)Which of the following markets would you expect to have the LOWEST deadweight loss fromtaxation?a.) Riceb.) Caviarc.) Mountain bikesd.) Pretzels

10.)Suppose that Jacques, Julia, Cat, and Guy are potential suppliers of catering services for weddings. Each can cater at most one wedding. Jacques' cost of catering a wedding is $50,000; Julia's cost is $40,000; Cat's cost is $30,000; and Guy's cost is $20,000. If 3 weddings are catered, who will be the marginal producer? a.) Jacques b.) Julia с.) Cat d.) Guy

10.)Suppose that Jacques, Julia, Cat, and Guy are potential suppliers of catering services for weddings. Each can cater at most one wedding. Jacques' cost of catering a wedding is $50,000; Julia's cost is $40,000; Cat's cost is $30,000; and Guy's cost is $20,000. If 3 weddings are catered, who will be the marginal producer? a.) Jacques b.) Julia с.) Cat d.) Guy

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3
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