The city government is considering two tax proposals: • A lump-sum tax of $300 on each producer of hamburgers. • A tax of $1 per burger, paid by producers of hamburgers. please help
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Lump-Sum Tax
• | A lump-sum tax of $300 on each producer of hamburgers. |
• | A tax of $1 per burger, paid by producers of hamburgers. |
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- The local government in Karachi is considering two tax proposals: A lump-sum tax of Rs. 300 on each producer of Ice-cream. A tax of Rs. 1 per unit of Ice-cream, paid by producers of Ice-cream. Which cost curves; average fixed cost, the average variable cost, average total cost, and marginal cost would shift as a result of the lump-sum tax? Why? 2.Which cost curves; average fixed cost, the average variable cost, average total cost, and marginal cost would shift as a result of the per-unit tax? Why?The chamber of commerce has virtually no budget for tourism promotion. State law authorizes an added 2 percent local tourism promotion tax to the 4 percent state rooms tax. However, enacting the added tax must be approved by local lodging establishments. Vote is apportioned by number of rooms owned. Managers of the two larger resorts are in favor of the tax, but they suspect that the many smaller motel owners will not approve the tax. Added tourism is greatly needed to stimulate the local economy. How can this impasse be resolved? From where might the leadership for resolving the impasse originate?"Diminishing Returns in Microbrewing? Your microbrewery produces craft beer, using a single vat, various ingredients, and workers. If you double the number of workers and ingredients, but don’t add a second vat, would you expect your output (gallons per hour) to double? Explain.If you double the number of workers and ingredients and add a second vat, would you expect your output (gallons per hour) to double? Explain."
- A firm uses a single input to produce a commodity according to itsshort-run production function f(x) = 4√x, where x is the number of units ofinput. The commodity sells for $100 per unit. The input cost $50 per unit.(a) Write down a function that states the firm’s profit as a function ofthe amount of input.(b) What is the profit maximizing amount of input and output?(c) Suppose the firm is taxed $20 per unit of its output and the priceof its input is subsidized by $10, explain in detail how this will affect the newinput and output levels?Consider the following short-run production function: ܳ = −0.5L^2 + 10L. Suppose that the output of the firm can be sold at a price of $10. Also suppose that labor can be hired for $20.a) Find the marginal revenue product function.b) Find the amount of labor that should be hired to maximize short run profits.c) Suppose that the productivity of your workers increases. What happens to the demandfor labor hours? For illustration, suppose that the productivity increase changes the shortrun production function to ܳ = −0.5L^2 + 12L. Find how many workers are hired now.Indicate how each of the following would shift the (1) marginal- cost curve, (2) average-variable-cost curve, (3) average- fixed-cost curve, and (4) average-total-cost curve of a manufacturing fifirm. In each case specify the direction of the shift.a. A reduction in business property taxes.b. An increase in the nominal wages of production workers.c. A decrease in the price of electricity.d. An increase in insurance rates on plant and equipment.e. An increase in transportation costs.
- Glen Eira City Council wants to impose a tax to fish and chips shops. It is considering two types of tax:- a lump sum of 500$ on each fish and chips owner- a tax of 2$ per kg of fish and chips sold, paid by each fish and chips owner(a) Which cost curve would shift as a consequence of each type of tax? (AFC, AVC, (b) Consider the following table of long-run total cost for three different fish andATC, MC)?Using long run supply and demand curves analyze the effects Using long- run supply and demand curves, analyze the effects of an ad valorem excise tax equal to 20 percent of the market (selling) price of gasoline. How do the effects differ from those of the per- unit excise tax discussed in the text? Using long run supply and demand curves analyze the effects1. Suppose that a profit-maximizing firm, operating in a perfectly competitive market, uses the following production function:F(L,K) = L^1/2 + 2(K^1/2) where L are the units of labor and K the units of capital. Suppose further that in order to operate, the firm must pay the government a fixed value patent of $ 50, no matter how much it decides to produce. Finally, consider that the factor price is given by w = 1 and r = 4, respectively.(a) Calculate the TMST, placing L on the x-axis. What value does the TMST take when L = 0, and what value does it take when K = 0? Explain if you can orthere are no corner solutions to the cost minimization problem.(b) Find the conditional demands L (q) and K (q), and the cost function C (q) in the long run.2. A company has a production function equal to f (L, K) = 2L + βK. Suppose that the firm currently achieves a level of production equal to q0, using for this a certain amount of capital and labor.(a) If the firm wanted to decrease the amount of…
- Explain with the help of Graphs of Total Product (TP) and Marginal product (MP) the three laws of variable proportions and their significance in Industry and agriculture. Give the relationship between TP and MP at different stages of variable proportions. What is the relationship between Average Product curve (AP) and marginal product curve (MP) and explain at what point a progressive firm should change its labor or capital inputs with more skilled labor or with new technological machine in order to remain comparative in the market. What would happen to its product in the market if it does not change its machines or if it changes all its machines at the same timeThe city government is considering two tax proposals: • A lump-sum tax of $300 on each producer of hamburgers. • A tax of $1 per burger, paid by producers of hamburgers. Which of the following statements is true as a result of the lump-sum tax? Check all that apply. Average total cost will increase. Average fixed cost will increase. Marginal cost will increase. Average variable cost will remain unchanged. Which of the following statements is true as a result of the per-burger tax? Check all that apply. Average total cost will increase. Marginal cost will remain unchanged. Average fixed cost will increase. Average variable cost will increase.Which of the following statements is true? (a) If a firm is experiencing decreasing returns, it will face increasing opportunity costs and hence will have a convex production possibility frontier. (b) If a firm has a steep average total cost curve, then it will have fairly low fixed costs as a proportion of total costs and would incur only a low cost penalty if output declines. (c) A firm with a concave production function at all levels of output would face a convex total cost function at all levels of output. (d) If a firm faces diminishing returns, then at low levels of output, the average variable cost effect would dominate, but at higher levels of output, the average fixed cost effect would dominate.