Answer all of the following questions.
*What is producer surplus and how is it measured? What is the relationship between the cost to sellers and the supply curve? Other things being equal, what happens to producer surplus when the price of a good rises?
*Explain Arthur Laffer’s theory of tax rates relative to tax revenue. What is the effect of a tax on the deadweight loss? Why is it sometimes difficult to predict what will happen when a tax rate is decreased or increased?
*Describe both quotas and tariffs. How do they impact domestic prices and deadweight loss? How does an import quota differ from an equivalent tariff? What is best for a nation as a whole: a tariff, a quota, or free trade? Explain your answer.
*Although most economists agree that free trade is beneficial for a country, there are numerous arguments against free trade. Describe five of the arguments against free trade.
*Describe the Coase theorem, which suggests that efficient solutions to externalities can be arrived at through bargaining. Explain how this happens. Under what circumstances does bargaining fail to produce a solution?
*Why do wild salmon populations face the threat of extinction while pet goldfish populations are in no such danger?
*Define and explain the terms income tax and consumption tax. What would be the benefits of taxing consumption and not income?
*List the federal government’s three most important sources of tax revenue. How do these differ from your state government’s three most important sources of tax revenue and those of local government? Why do you think that these different government entities use different tax bases?
*Examine the Consumer Willingness to Pay Table, which shows what four consumers are willing to pay for a haircut.
Then, examine the Business Charge Table, which includes a table that shows what four businesses charge for a haircut. Each business can produce no more than one haircut.
*In the most efficient world, which companies should cut hair and which customers should get a haircut? (Note: It might be less than four.)
*How large is the maximum possible total surplus and what is the least possible surplus?
Professional homework help features
Our ExperienceHowever the complexity of your assignment, we have the right professionals to carry out your specific task. ACME homework is a company that does homework help writing services for students who need homework help. We only hire super-skilled academic experts to write your projects. Our years of experience allows us to provide students with homework writing, editing & proofreading services.
Free revision policy$10
Free bibliography & reference$8
Free title page$8
How our professional homework help writing services work
You first have to fill in an order form. In case you need any clarifications regarding the form, feel free to reach out for further guidance. To fill in the form, include basic informaion regarding your order that is topic, subject, number of pages required as well as any other relevant information that will be of help.Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.Completing the order and download