Economics 222

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Econ 222 K. Jaber Quiz 7 – 8 points Grader's Initials: (at least 2) NAME (L, F): With a $400 tariff on imported cars (tax the producer), price rises from $60,000 to $60,050. Questions: (1) Who has Legal (or statutory) incidence of the tax? (2) (Real/Actual) Tax Incidence: How is the burden of the tax distributed? Consumers really pay $. of the $400 tax. Producers really pay $ of the $400 tax. (3) Whose curve is the most elastic, demand or supply? (4) Demonstrate this tariff (taxing the producer) in the S/D framework below. Label all curves and equilibrium prices & quantities. Also identify DWL and Tax Revenue. P Q (5) What would be the new price of the car if instead of taxing producers, the government places this tax on consumers? New Price:$ ... dver... K. Jaber Econ 222 Quiz 7 - 8 points (6) In the two supply-demand frameworks below, illustrate two unique markets where the tax burden will fall completely on the consumer. The supply curve in Graph (a) should be different than the supply curve in Graph (b), and likewise for the demand curves. In both graphs, illustrate the impact of the tax in the market. Also, for graphs (a) & (b), indicate the old price (Po) and the new price (Pi) on the price axiş. For question 6, only tax (statutorily) producers. (a) Р Q (6) Q 2 Econ 222 K. Jaber Quiz 8-8 points Grader's Initials: (at least 2) NAME (L, F): 1. Corey and Elizabeth have recently opened a bakery. They used their savings to: $0.22/loaf Buy flour and ingredients needed for making bread $4,000 Buy ovens $6/hour Hire assistant baker (makes 25 loaves/hour – thus his cost is $0.24/loaf of bread made) $35,000 Buy a small building to use as their bakery a. On the line following each input above, put an “F” if the input is fixed and put a “V” if the input is variable. b. If Corey and Elizabeth want an output of 100 loaves of bread, then based on your answers in part (a), what are the values of the following costs? TFC TVC TC ATC c. What is the MC of producing one loaf of bread (i.e., your 101" loaf)? ...over... 1 Econ 222 K. Jaber Quiz 8 - 8 points Complete the following table to assist you in answering the following questions. Charlie's, a Mexican restaurant, makes wonderful Burritos-As-Big-As-Your-Head. However, their financial department is not very organized. They have misplaced many of the company's records. Total Cost Marginal Cost Variable Cost -- Fixed Cost 20 Q: Quantity of Burritos 0 1 2 3 4 12 4 3 5 39 2. What is the Average Total Cost of producing 4 Burritos-As-Big-As-Your-Head? A) $38 B) $12 C) $11 D) $45 E) $5 3. What is the total Variable Cost for producing 2 Burritos-As-Big-As-Your-Head? A) $38 B) $22 C) $44 D) $16 E) $12 2 Econ 222 Quiz 9 – 8 points K. Jaber Grader's Initials: (at least 2) NAME (L, F): Consider the following data describing the changes in output for your firm in the SR, as you hire more workers. Use this information to answer the following three questions. Number of Workers 0 1 3 4 5 6 7 Total Product 0 5 10 25 45 70 90 105 115 120 120 115 8 9 10 11 1. The Marginal Product of the 4rd unit of labor is A) 25 units of output B) 20 units of output C) 45 units of output D) 70 units of output worker is 2. The point of diminishing marginal returns occurs when the hired and begins work. A) 6th B) 7th C) 9th D) 10th 3. The Average Product when there are 4 workers is A) 5 units of output B) 45 units of output C) 20 units of output D) 11.25 units of output over ... 1
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