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- 1. Complete the following table and identify the quantity that maximizesprofit. Quantity TR MR TC MC 0 0 - 5 - 1 10 2 2 20 15 3 30 10 4 10 37Make diagtna ne ceA tax policy analyst proposes that we should eliminate exemptions from taxes on food andmedicine (i.e., we should start taxing these goods) because taxes on these goods would be anefficient way to raise revenue.a. What do you think the analyst means when she says that taxing these items would bean efficient way to raise revenue? b. Is the analyst correct that taxing food and medicine would be an efficient way to raiserevenue? Draw a diagram to help explain. Hint: Think about the demand curve for thesegoods.c. Why might there be little political support for such a policy
- Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?What is productive efficiency? Allocative efficiency?Table 1Buyer Willingness To PayLori $50.00Audrey $30.00Zach $20.00Calvin $10.002. Refer to Table 1. If the price of the product is $15, then who would be willing to purchase theproduct?a. Lorib. Lori and Audreyc. Lori, Audrey, and Zachd. Lori, Audrey, Zach, and Calvin3. Refer to Table 1. If price of the product is $30, then the total consumer surplus isa. $-10.b. $-6.c. $20.d. $30.
- 4.4 how am i supposed to show this, are there going to be two lines crossing over eachother?2. Suppose that emissions of sulfur dioxide are managed via a Cap-and-Trade policy. In this circumstance, how can an environmental group, such as Greenpeace, reduce emissions of this pollutant? Explain your answer. How would it effectively result in a reduction in emissions? What is the main obstacle for Greenpeace to achieve this? 3. Explain why a Cap-and-Trade program is more likely to be efficient than a standard. Be specific. 4. Explain why the firm’s MAC-curve is its demand curve for pollution permits.53. The Indiana University basketball team trails by twopoints with eight seconds to go and has the ball. Shouldit attempt a two-point shot or a three-point shot?Assume that the Indiana shot will end the game and thatno foul will occur on the shot. Assume that a three-pointshot has a 30% chance of success, and atwo-point shot has a 55% chance of success. Finally,assume that Indiana has a 55% chance of winning inovertime.
