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Consider the following production function 2qKL= a. With w = $20 and r = $40, find the cost minimizing input combination to produce 100 units of…
October 6, 2020
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Answer for each question should be 200-250 words.  1. The simple case of a fixed per-unit tax is indicative of more complicated ones. Consider a proportional sales tax and a progressive sales t

Answer for each question should be 200-250 words. 

1.       The simple case of a fixed per-unit tax is indicative of more complicated ones. Consider a proportional sales tax and a progressive sales tax. How do the tax revenues, and quantities produced compare in these various cases?

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2.       Explain how value can be created simply by exchange even when nothing new is produced? [This is true for a monetary and for a barter economy].

3.       Explain how competitive privately issued currencies would work automatically to provide consumers with protection against inflation?

4.       Would interest exist in a pure exchange economy where no production occurred? Explain.

5.       Briefly contrast the static and dynamic views of monopoly and the policies appropriate for each.

 

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