Homework Answers
At equilibrium demand = supply
40 - Q = 0.5Q
40= 1.5Q
Q= 26.67
P= 1.5*26.67= 40
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5) Colorado legalized the recreational use of marijuana in 2014. Suppose economists have studied this market...
Colorado legalized the recreational use of marijuana in 2014 to raise revenues through sales and excise...
Colorado legalized the recreational use of marijuana in 2014 to raise revenues through sales and excise taxes. In Denver, 1/8 ounce of marijuana costing $30 had about $8 in various taxes added on. Assuming the elasticity of demand for marijuana of -0.7, determine the percentage change in quantity that would result from a price increase of $8. Under what circumstances would prices rise by less than the full amount of a tax? How does the price elasticity of demand affect...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1, 2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Date Quantity Sold (average grams per day) Price (per gram) June 2015 (pre tax change) 310.0 13.18 July 2015 307.0 13.48 August 2015 303.1 13.48 The above example is adapted from a...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1, 2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Date Quantity Sold (average grams per day) Price (per gram) June 2015 (pre tax change) 310.0 13.18 July 2015 307.0 13.48 August 2015 303.1 13.48 The above example is adapted from a...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1, 2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Date Quantity Sold (average grams per day) Price (per gram) June 2015 (pre tax change) 310.0 13.18 July 2015 307.0 13.48 August 2015 303.1 13.48 The above example is adapted from a...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1,2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Quantity Sold (average grams per day) Price (per Date gram) 13.18 13.48 13.48 June 2015 (e 310.0 tax change) July 2015 August 2015 303.1 The above example is adapted from a recent study...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1, 2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Date Quantity Sold (average grams per day) Price (per gram) June 2015 (pre tax change) 310.0 13.18 July 2015 307.0 13.48 August 2015 303.1 13.48 The above example is adapted from a...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1, 2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Date Quantity Sold (average grams per day) Price (per gram) June 2015 (pre tax change) 310.0 13.18 July 2015 307.0 13.48 August 2015 303.1 13.48 The above example is adapted from a...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1, 2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Date Quantity Sold (average grams per day) Price (per gram) June 2015 (pre tax change) 310.0 13.18 July 2015 307.0 13.48 August 2015 303.1 13.48 The above example is adapted from a...
How are the elasticities in the below questions different? Beyond the math, why? Recreational marijuana was...
How
are the elasticities in the below questions different? Beyond the
math, why?
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1,2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Quantity Sold (average grams per day) Price (per Date gram) 13.18 13.48 13.48 June 2015 (e 310.0 tax change) July...
Consider this: Four states in our union have "legalized marijuana for recreational use"...Alaska,...
Consider this: Four states in our union have "legalized marijuana for recreational use"...Alaska, Colorado, Oregon and Washington. Furthermore, there are 19 other states that have some form of legalization or decriminalization laws currently on their books. With that said, many organizations test for "illegal substances" either prior to or during employment. There are those that even test for tobacco use, considering tobacco to be harmful. If evidence of drug use is found in an employee's system, an employee might be...
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1,2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Quantity Sold (average grams per day) Price (per Date gram) 13.18 13.48 13.48 June 2015 (e 310.0 tax change) July 2015 August 2015 303.1 The above example is adapted from a recent study...
How
are the elasticities in the below questions different? Beyond the
math, why?
Recreational marijuana was legalized in the state of Washington in July of 2014 creating a new source of revenue for the government. July 1,2015, the state government raised excise taxes paid by marijuana retailers on final sales leading to the following effects on prices and quantity sold: Quantity Sold (average grams per day) Price (per Date gram) 13.18 13.48 13.48 June 2015 (e 310.0 tax change) July...
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