Elaborate in detail: A physician’s office expenses increase 5 percent so she decides to raise the...
Elaborate in detail: A physician’s office expenses increase 5 percent so she decides to raise the price of office visits. Assuming the demand curve for office visits does not shift, what will happen to the total number of office visits and practice revenues? Answer this in general.
Homework Answers
The supply curve will shift to the left, increasing the price of visits and decreasing the quantity of visits. If demand is inelastic, revenue will increase. Revenue is price x quantity.
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Elaborate in detail: A physician’s office expenses increase 5
percent so she decides to raise the...
(8 Points) California decides to introduce a tax on the sale of marijuana. Assume the elasticity...
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Section B B22 Expansionary demand management policy measures tend to… [1] raise the real GDP and...
Section B
B22 Expansionary demand management policy measures tend
to…
[1] raise the real GDP and inflation.
[2] increase price level and decrease real output.
[3] increase both inflation and the level of unemployment.
[4] Increase the production cost, which will decrease total
production.
B24 Which of the following is NOT the cause of
demand-pull inflation?
[1] increase in consumption spending.
[2] a decrease in interest rates.
[3] increase in net exports.
[4] rising commodity (e.g. oil) price.
B25 Cost-push...
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Imagine that the market for hotel rooms in Hotel California is perfectly competitive. In a typical...
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(8 Points) California decides to introduce a tax on the sale of marijuana. Assume the elasticity of demand is -0.5, and that supply is perfectly elastic. a) If the tax increases the price of marijuana by 100%, what will happen to the amount that is sold? b) Suppose marijuana is addictive, and that consumers who choose to buy it are rational addicts. Explain what the theory of rational addition predicts will happen to the quantity sold today if the tax...
Section B
B22 Expansionary demand management policy measures tend
to…
[1] raise the real GDP and inflation.
[2] increase price level and decrease real output.
[3] increase both inflation and the level of unemployment.
[4] Increase the production cost, which will decrease total
production.
B24 Which of the following is NOT the cause of
demand-pull inflation?
[1] increase in consumption spending.
[2] a decrease in interest rates.
[3] increase in net exports.
[4] rising commodity (e.g. oil) price.
B25 Cost-push...
c) The demand function for books in Pick n Pay is given by P quantity demanded and P is the price per book. 50-0.3Q, where Q is the i. Find the number of books that will be bought when the price is K2. ii. iii. Find the price elasticity of the demand when the number of books bought is 30. ] Calculate the percentage change in quantity demanded when the price increases by 10% (use the coefficient price elasticity of...
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2. (20 points) Imagine that the market for hotel rooms in Estes Park Colorado is perfectly competitive. In a typical day hotel rooms go for $100, and 1000 rooms are rented. a. To raise revenue, the mayor of Estes Park decides to charge hotels a lump sum tax per rented room (a lump sum tax is a set dollar amount per room rented). After the tax is imposed, the going rate for hotel rooms rises to $108, the after-tax money...
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