D SUMMARY OUTPUT Regression Statistics Multiple R R-Square Adjusted R-Square Standard Error 4 0.76 0.57 0.49 47.13 Observations 25 10 Analysis of Variance Degrees of Freedom Sum of Squares Mean Square 15234.14 11 Significance F 12 Regression Residual 60936.56 6.86 .03 13 20 44431.27 2221.56 14 Total 24 105367.84 15 t-Statistic Upper 95% 223.32 16 Coefficients Standard Error P-Value Lower 95% 17 50.60 Intercept Price of Residential Heating Fuel 136.96 43.46 3.15 0.01 18 -91.69 29.09 -3.15 0.01 -149.49 -33.89 19 Price of Natural Gas 43.88 9.17 4.79 0.00 25.66 62.10 20 Price of Electricity -11.92 8.35 -1.43 0.17 -28.51 4.67 21 Income -0.050 0.3500 -0.14 0.90 -0.75 0.65

Assuming a supply function of Qs = 100+100p and a demand function of Qd = 700-50p  and an equilibrium price of $4 with an equilibrium quantity of 500million gallons  please answer the following

You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research, AT&T has spent over $15 million on related paperwork and compliance costs. Moreover, depending on the locale, telecom taxes can amount to as much as 25 percent of a consumer's phone bill. These high tax rates on telecom services have become quite controversial, due to the fact that the deregulation of the telecom industry has led to a highly competitive market. Your best estimates indicate that, based on current tax rates, the monthly market demand for telecommunication services is given by Qa = 200 – 5P and the market supply (including taxes) is Q = 2P – 150 (both in millions), where P is the monthly price of the telecommunication services. The senator is considering tax reform that would dramatically cut tax rates, leading to a supply function under the new tax policy of Q = 2.4P – 150. How much money per unit would a typical consumer save each…

Amy is a graduate student living in Dallas who works as a caddy to supplement their normal income. At an hourly wage rate of $15, they are willing to caddy 5 hours per week. Upping the wage to $25 per hour, they are willing to caddy 14 hours per week. Using the midpoint method, the elasticity of Amy’s labor supply between the wages of $15 and $25 per hour is approximately  (0.06, 0.53, 1.89, 10.56) , which means that Amy’s supply of labor over this wage range is  (elastic/inelastic)  .

Assuming a supply function of Qs = 100+100p and a demand function of Qd = 700-50p  and an equilibrium price of $4 with an equilibrium quantity of 500million gallons  please answer the last question regarding the deadweight loss.

The price for some intra-Asia container shipping services, such as the container shipping fee for China-to-Singapore freight, raised up to five-year high in mid-November 2020. Some Singapore consumers believed that annual major promotion of leading ecommerce sites in China and Singapore, especially the double-11 shopping festival, caused the rapid increase of China-to-Singapore container shipping cost. However, others speculated that there might be some supply-side changes causing the spike in sea shipping rate.Search and collect information regarding changes in the Asian container shipping market from at least two news articles. Apply the supply-and-demand theory to analyse the change of short-run market equilibrium. Based on your findings evaluate the gain or loss of consumer surplus, producer surplus and total surplus. You must use appropriate market diagrams to illustrate and interpret your findings.

Paper cups are popular items for schools and are produced in the market. There are equations for the Supply and Inverse Demand of paper cups that model its Supply and Demand graph. These equations are (for supply), P = 2 + 3Qs, and (for Inverse Demand), P = 12 - 2Qd. Likewise, paper cups are inexpensive and not very helpful for companies trying to achieve high profits. As a result, the government placed a price support of $9. (Part I) Draw the market equilibrium with the government intervention (Q**, P**) of the price ceiling. Please label the graph for slopes, equilibrium points, price support, etc. (Part II) What is the market equilibrium with the intervention of the government (Q**, P**)? (Part III) What is the government surplus (GS**)? (Part IV) What is the Dead Weight Loss (DWL**)?

The short-run demand and supply elasticities for crude oil are -0.076 and 0.088, respectively. The current price per barrel is $30 and the short-run equilibrium quantity is 23.84 million barrels per year. What will be the effects on the market price and quantity if the government decides to purchase (and store away) an additional 2 million barrels of oil? Assume that the additional consumption of oil by the government results in a parallel shift of the supply curve to the left by 2 million barrels per day What could be the economic rationale for buying and storing oil?

You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research, AT&T has spent over $15 million on related paperwork and compliance costs. Moreover, depending on the locale, telecom taxes can amount to as much as 25 percent of a consumer’s phone bill. These high tax rates on telecom services have become quite controversial, due to the fact that the deregulation of the telecom industry has led to a highly competitive market. Your best estimates indicate that, based on current tax rates, the monthly market demand for telecommunication services is given by Qd = 250 − 5P and the market supply (including taxes) is QS = 4P − 110 (both in millions), where P is the monthly price of the telecommunication services.The senator is considering tax reform that would dramatically cut tax rates, leading to a supply function under the new tax policy of QS = 4.171P − 110. How much money per unit would a typical consumer save…

Since the early 1970’s, the U.S. government has had a program called the Earned Income Tax Credit. A simplified version of this program works as follows: The government subsidizes your wages by paying you 50% in addition to what your employer paid you but the subsidy applies only to the first $60 (per day) you receive from your employer. If you earn more than $60 per day, the government gives you only the subsidy for the first $60 earned but nothing for anything additional you earn. For instance, if you earn $100 per day, the government would give you 50% of the first $60 you earned — or $30. Suppose you consider workers 1 and 2. Both can work up to 10 hours per day at a wage of $10 per hour, and after the policy is put in place you observe that worker 1 works 7 hours per day while worker 2 works 5 hours per day. Assume throughout that Leisure is a normal good. (a) Illustrate these workers’ budget constraints with and without the program. (b) Can you tell whether the program has…