Econ Macro (book Only)
6th Edition
ISBN: 9781337408745
Author: William A. McEachern
Publisher: Cengage Learning
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Question
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Chapter 3, Problem 2P
A
To determine
The influence of working husband and wife on the household production.
B
To determine
The influence of location of the household on the production of the household.
C
To determine
The influence of the high sales tax on food purchases on the production of the household.
D
To determine
The influence of high property tax rate on the household production.
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Many households supplement their food budget by cultivating small vegetable gardens. Explain how each of the following might influence this kind of household production:
Both husband and wife are professionals who earn high salaries.
The household is located in a city rather than in a rural area.
The household is located in a region where there is a high sales tax on food.
The household is located in a region that has a high property tax rate.
Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations:a. The price of input A decreases.
It will not change.
It will increase.
It will decrease.
b. An excise tax of $3 is imposed on good X.
It will not change.
It will increase.
It will decrease.
c. An ad valorem tax of 7 percent is imposed on good X.
It will increase.
It will not change.
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d. A technological change reduces the cost of producing additional units of good X.
It will increase.
It will decrease.
It will not change.
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