After graduating from high school, Steve had three choices, listed in order of preference: (1)matriculate at our campus, (2) work in a printed circuit board factory, or (3) attend a rival college.His opportunity cost of going to college here includes which of the following?Select one:O a. the income he could have earned at the printed circuit board factory plus the direct costofattending college here (tuition, textbooks, etc.)O b. the benefits he could have received from going to the rival collegeOc. the income he could have earned at the printed circuit board factory plus the direct costofattending college here (tuition, textbooks, etc.) plus the benefits he could have receivedfrom going to the rival college.O d. the cost of books and supplies at the rival collegeO e. only the tuition and fees paid for taking classes here A tax placed on sellers of cable TV services willthe price received by buyers of cable andcauses the number of subscribers toSelect one:O a. reduce; decreaseO b. reduce; increaseO. raise; increaseO d. not change; decreaseO e. raise; decrease

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Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

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Similar questions

Why is the demand curve with constant unitary elasticity concave?
Under which circumstances does line tax burden fall entirely on consumers?
2. Suppose the price.elasticity of demand for commödity M is less than one. When a tax is imposed on commodity Mproduetion, it changes the price, quantity, and consumer speņding in which of the following ways? - Price Quantity Spending Irierease Decrease Decreàse. Therease Ancrease a. Increase- b. -Deerease Decrease Decrease Decrease - Decrease Iacrease
Time left C If the government wishes to discourage smoking by tax increases, the buyer pays a larger share of the tax if the: Select one: O a. tax is imposed on the buyer O b. demand is price inelastic O c. supply is price inelastic O d. tax is imposed on the seller O e. price is higher Next
Which of the following would cause a shift in the demand curve for notebooks. Select one: O a. A fall in the price of notebooks. O b. A rise in the cost of printing. Oc. A fall in the cost of printing. O d. Lecturers putting lecture notes online. O e. A rise in the price of notebooks.
Next question Neither the demand nor the supply of sugar is perfectly elastic or inelastic. If the government imposes a 5 percent tax on sugar, the O A. quantity of sugar increases. O B. price of sugar buyers pay rises by 5 percent. O C. price of sugar buyers pay does not change. O D. price of sugar buyers pay increases by less then 5 percent. As O E. price of sugar buyers pay falls by 5 percent. Ass O Time Remaining: 00:57:34 Submit quiz mpleted his course (ECON202 s2022 online) is based on Bade/Parkin: Foundations of Microeconomics, 9e MacBook Pro
Time left 0:. 21) The elasticity of demand for potato chips is 0.6 and the elasticity of supply for these chips is 1.9. If a tax were imposed on purchases of potato chips, then the O a. consumers would pay more of the tax. O b. the producers would pay more of the tax. C. the tax would be equally shared by the consumers and the producers. O d. the consumers would pay the entire tax because their demand is less elastic than the producers' supply. Clear my choice age Next page
Time left 2E 29. The government is thinking about increasing the gasoline tax to promote conservation. The tax will discourage the consumption of gasoline by the greatest extent when the price elasticity of demand equals Select one: O a. 0.7. O b. 2.0. Oc. 1.3. O d. 0.1.
11. Consider public policy aimed at smoking. a. Studies indicate that the price elasticity ofdemand for cigarettes is about 0.4. If a packof cigarettes currently costs $2 and thegovernment wants to reduce smoking by20 percent, by how much should it increasethe price? b. If the government permanently increasesthe price of cigarettes, will the policy have alarger effect on smoking one year from nowor five years from now? c. Studies also find that teenagers have ahigher price elasticity than do adults. Whymight this be true?
Q19
Question 2 Full explain this question
Price elasticity of demand for gasoline is estimated to be -0.3 in the short run and -1.2 in the long run. A decrease in taxes on gasoline would:O A. raise tax revenue in both the short run and long runO B. ower tax revenue in both the short run and long runO C. lower tax revenue in the short run but raise tax revenue in the long runO D. raise tax revenue in the short run but lower tax revenue in the long run

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