Taxation alters the behavior patterns of individuals.
Answer the following statement true (T) or false (F)
True
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Describe how a pollution-control authority might use an emissions permits system to reduce pollution.
What will be an ideal response?
Suppose that if a local McDonald's restaurant reduces the price of a Big Mac from $4.00 to $3.25, the number of Big Macs it sells per day will increase from 4 to 5. Explain the output effect and the price effect resulting from this change
Using a graph, illustrate both the loss in revenue from selling each of the first 4 Big Macs for $0.75 less and the additional revenue from selling 1 more Big Mac. What is the total change in revenue received which results from this price decrease?
“Peak pricing” involves setting lower prices at peak times so that people can afford a good or service.
Answer the following statement true (T) or false (F)
The following question relate to a community that is circular in nature with a one mile circumference. There are 81 people evenly distributed around the lake where the town is built. The travel cost is $10 per mile, a restaurant costs $100 to set up, and the cost per meal is $2. On your graph, vertically sum the two total cost curves and show what the optimal number of restaurants should be. Use the five points calculated to sum the total cost curves. Round off small residuals to the nearest whole number.
What will be an ideal response?