Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 13, Problem 8PA

Subpart (a):

To determine

Long run impact of price, marginal revenue, average total cost and quantity supplied by the firm and quantity supplied to the market.

Subpart (b):

To determine

Long run impact of price, marginal revenue, average total cost and quantity supplied by the firm and quantity supplied to the market.

Subpart (c):

To determine

Long run impact of price, marginal revenue, average total cost and quantity supplied by the firm and quantity supplied to the market.

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Frederick Jones operates a sole proprietorship business in Trinidad and Tobago. His gross annual revenue in 2023 was $2,000,000. He wants to register for VAT, but he is unsure of what VAT entails, the requirements for registration and what he needs to do to ensure that he is fully compliant with VAT regulations. Make reference to the Vat Act of Trinidad and Tobago and explain to Mr. Jones what VAT entails, the requirements for registration and the requirements to be fully compliant with VAT regulations.
Can you show me the answers for parts a and b? Thanks.
What are the answers for parts a and b? Thanks
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