Transcribed Image Text from this Question6. Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, frizzles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashies decreases by 1%, the quantity of frizzles sold decreases by 18% and the quantity of mookies sold increases by 3%. Your job is to use the cross-price elasticity between splishy splashes and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the cross-price elasticity between splishy splashies and frizzles, and then between spilshy splashies and mookles. In the second column, determine Il splshy splashes are a complement to or a substitute for each of the goods listed. Finally, complete the final column by indicating which good you should recommend marketing with speishy splashes. Relative to Splishy Splashies Cross-Price Elasticity of Demand Complement or Substitute Recommend Marketing with Splishy Splashies Frizzles Mookies
Create your own business. You will need to choose what you are going to produce and name one of each category of productive resource for your product (land, labor, capital). The table will help you provide your reasoning for choosing your specific organization. 1. What is your business called? What are you selling? 2. Land: Labor: Capital: 3. Based on the information from your notes, fill out this entire table. Organization Sole Partnership Corporation Proprietorship Number of owners Liability Lifespan Decision-making Ease to start/close Taxation 4. Which organization did you choose? 5. Why? (make sure to reference advantages when compared to other organizations) 1. Who are you starting this business with? (business organization) 2. How are you getting your start up money? 3. How are you going to sell it? (online, in-stores, your own stores?) 4. Who will you need to hire? (specialized labor) 5. Who will make the decisions for your company? 6. Create an incentive to encourage consumers to purchase your product
Suppose there is an increase in the price of ice cream of 10% and that this results in a decrease in the quantity demanded of 20%. a) Apply percentages to fictitious figures b) Calculate the price elasticity for 10 c) Calculate the demand function and 3 prices One unitary the other elastic and the other inelastic Notes: i’d appreciate that you could virtually write your answer (no scanning a piece of paper). No matter what values you use to perform the exercise. Regards
QUESTION 27 CoVid19 has and continues to spread in meat packing and poultry processing pants across the country. The relationship between the spread of CoVid19 in the plants and the market prices for beef, pork and poultry includes A. To increase production costs by necessitating plants to install infection control equipment including partitions between work stations and hand sanitizing stations. B. Increasing production costs by reducing the supply of labor through worker illnesses and worker mortality. C. Decreasing market demand for beef, pork and poultry caused by rising unemployment and fallng household incomes. D. All of the above E. A and B F. A and C
A country (“Home”) is populated with 300 workers who produce either food (F) or clothing (C). Each worker can produce 6 units of food or 3 units of clothing. All workers share the same preferences over food and clothing represented by the utility function: U(Dc , DF) = (Dc)1/3 (DF)2/3 (a) What is the autarky trade price (the relative price of food and clothing) in this economy? (b) In autarky, how many units of food and clothing will be consumed by each worker? Part 2. There also exists another country (“Foreign”) that looks surprisingly like the Home country except that there are 900 workers. These workers have different productivity levels: one worker can produce only 1 unit of food or 2 units of clothing. The workers in Foreign share the same preferences as those in Home. (c) Answer questions (a) and (b) for the Foreign economy in autarky. (d) Compare the consumption levels of workers in both countries. What explains the differences between countries? Part 3. Now assume that these 2 countries open to trade with one another. (e) What will be the free trade relative price of food and clothing? (f) Describe the pattern of production and trade (who produces what and in what quantities; who exports what). (g) What is the relative wage, w/w*? (h) How much food and clothing is consumed in each country? (i) How much of food and clothing each country exports and imports? Part 4. Comparative statics in the model. (j) Assume that the social planner at Home can increase productivity in the clothing industry. What should be the minimal level of productivity in clothing industry that guarantees that Home is the only producer of clothing in the world? (k) Suppose that the Home country discovers a costless way to make all of its people 10% more productive than they were before. (Perhaps it involves a new vitamin or mass hypnosis.) That is, in any production relationship, any given output can be produced with 10% less labor than was needed before. Described the implications of this change for both Home and Foreign economies in the trade equilibrium. (You do not have to calculate precisely the new numbers, just use the diagram to describe the changes)
Davis Florist has two cmployees, Anita and Jerome, and two tasks that need to be completed, floral arrangements and floral delivery. It takes Anila 30 minutes to finish one floral arrangement and 40 minutes to make a delivery. It takes Jerome 10 minutes to finish onc floral arrangement and 30 minutes to make a delivery. Each worker works six hours per day Jerome has an absolute advantage in Iloral arrangements. Jerome has an absolute advantage in deliveries. b. Anita’s opportunity cost of making one kiral arrangement is 0.75 – deliveries. Anita’s opportunity cost of making on delivery is 1.33 – floral arrangements. C. Jerome’s opportunity cost of making one floral arrangement is 33 – deliveries. Jerome’s opportunity cost of making on delivery is 3 floral arrangements. d. Jerome has a comparative advanlage in floral arrangements. Anita has a comparative advantage in deliveries. e. Suppose thal, initially, both Jerome and Anila spend four hours cach day doing floral arrangements and two hours cach day doing deliveries. Now suppose they change their tasks, so that cach individual does nothing but the task in which she or he has a comparative advantage. How many more floral arrangements and deliveries could they produce cach day? 720 additional floral arrangements 90 additional deliveries
Question 1 1.5 pts Daily treasury yield curve rates published by the US Department of Treasury are available at the following link: https://www.treasury.gov/resource-center/data-chart- center/interest-rates/pages/TextView.aspx?data=yieldYear
Unemployment and economic inefficiency: a. Can both be illustrated by a point outside the production possibility curve b. Can exist at any point along the production possibility curve c. Can both be illustrated by a point inside the production possibility curve d. Cause the production possibility curve to shift to the right Оа OB Ос time you
Procedures: 1. Set up the ramp as shown in Figure 1.
2. Mount photogate “A” at the 20 cm (0.2m) mark.
3. Move the cart (shown in Figure 3) to the top of the ramp. Reset the timer and allow the cart to roll down
4. Record the time through gate “A”. (I will record this for you)
5. Calculate the instantaneous velocity of the cart Vi = 0.05 through “A”.
6. Move down the photogate 20 cm along the ramp.
7. Do steps 3 through 6 for other prescribed position of photogate on the ramp.
8. Plot the instantaneous velocity vs the position on the ramp on graph. Position of the Distance travelled by the cart through Time t for the wing Photogate on the Trial instantaneous ramp from the top the photogate, or to pass the speed, V= 0.05 of the ramp, cm the length of the photogate, second wing, meter 1 0.05 0.0492 1.016 MS 2 0.05 0.0387 1.29 m/s 20 cm 02 40 o’y
https://grambling instructure.com/courses/9269/assignments/141118?module_item_id=267743 song
From December 1, Dho.40 to be charged as Excise tax on individual cigarettes sold in UAE Abu Dhabi: As of December 1, 2019, a minimum excise tax of Dho.40 (US $0.11) must be applied per individual cigarette; and a minimum excise tax of Dh 0.10 (US$0.027) must be applied per gram of water pipe tobacco, ready-to-use tobacco or similar product, according to a decision issued the Ministry of Finance. The Federal Tax Authority (FTA) announced it will start implementing the excise tax on electronic smoking devices and tools and sweetened beverages as of December 1 2019.
The FTA called on importers, producers and stockpilers of electronic smoking devices, liquids used in such devices and sweetened drinks to register for excise tax system as soon as possible. The authority stressed that registering for the tax will avoid all stakeholders any fines or obstacles that may arise from late or failed registration. Earlier, the UAE introduced the excise tax from as of October 2017 on goods, which are deemed harmful to public health or to the environment in order to reduce consumption and increase government revenues allocated to cover the costs of public services.
According to the previously enacted law, the excise tax rate ranged from 50 to 100 per cent on tobacco and its products, energy drinks and soft drinks. Liquids used in e-cigarette includes all liquids used in electronic smoking devices and tools and the like, whether or not they contain nicotine, according to the customs codes to be specified by a ministerial decree.
Excise tax on e-cigarettes and sugary drinks start on December 1 in the UAE Abu Dhabi: The Federal Tax Authority (FTA) announced the excise tax on electronic smoking devices and tools and sweetened beverages will be effective as of December 1 2019, in accordance with the Cabinet and Ministry of Finance decisions issued in this respect. The FTA called on importers, producers and stockpilers of electronic smoking devices, liquids used in such devices and sweetened drinks to register for excise tax system as soon as possible. The authority stressed that registering for the tax will avoid all stakeholders any fines or obstacles that may arise from late or failed registration.
Earlier, the UAE introduced the excise tax from as of October 2017 on goods, which are deemed harmful to public health or to the environment in order to reduce consumption and increase government revenues allocated to cover the costs of public services. According to the previously enacted law, the excise tax rate ranged from 50 to 100 per cent on tobacco and its products, energy drinks and soft drinks. In October 2017, more than 1,700 items were subject to the excise tax, with 60 per cent of them being included in soft drinks, 26 per cent on tobacco and 14 per cent on energy drinks.
It is also expected that the list of goods to be included in the excise tax will be increased as it is applied to electronic smoking devices and liquids. All the drinks that will be taxed in UAE: FTA Abu Dhabi: The Federal Tax Authority (FTA) on Saturday clarified what qualifies as sweetened drinks and electronic smoking devices that will incur an excise tax when a Cabinet decision on excise goods is implemented from January 1 next year.
In a statement issued to the press, the FTA said the decision is part of the government’s continuous efforts to promote healthy lifestyles in the UAE community and curb the spread of diseases stemming from consumption of harmful goods. FTA director general Khalid Ali Al Bustani said the authority has launched a widespread awareness campaign through workshops and seminars targeting all stakeholders involved to introduce them to the new procedures.
These could be produced as one of the following: . – Ready-to-drink beverage, or . – Concentrates . – – Powders . – Extracts, or any other form that can be converted into a sweetened drink. In that regard, sugar includes any type of sugar determined under Standard 148 of the GOC Standardisation Organisation and any subsequent relevant standards. Meanwhile, sweeteners include any type of sweeteners determined under Standard 995 of the GCC Standardisation Organisation and any subsequent relevant standards. What about exempt beverages?
The decision also outlines beverages that are not included in the new tax, namely: – Ready-to-drink beverages containing at least 75 per cent milk – Ready-to-drink beverages containing at least 75 per cent milk substitutes – Baby formula or baby food – Beverages consumed for special dietary needs, as determined under Standard 654 of the GCC Standardisation Organisation under the heading “General Requirements for Pre-packaged Foods for Special Dietary Use” and any subsequent and relevant standards; and finally, – Beverages consumed for medical use, as determined under Standard 1366 of the GCC Standardisation Organisation under the heading “General Requirements for Handling of Foods for Special Medical Purposes’, and any subsequent and relevant standards.
E-liquids On a side note, the authority clarified that as per the decision e-liquids include all liquids used in electronic smoking devices and tools and the like, whether or not containing nicotine or tobacco. E-cigarettes refer to all electronic smoking devices and tools and the like, whether or not they contain nicotine or tobacco.
Registration process begins FTA has revealed that it has updated the electronic registration system for excise goods to allow for adding the new products included in the amended Cabinet Decision. FTA director general Khalid Ali Al Bustani called on producers, importers, and stockpilers of sweetened drinks with added sugar to abide by the decision and start registering for excise tax purposes. Excise tax is an indirect tax that is imposed on certain products deemed harmful in an effort to curb their consumption.
An entirely new registration procedure was put in place on August 18, and the FTA called on all concerned businesses, including producers, importers, and stockpilers of Excise Goods, to take the initiative and register said goods in the new system. It also called on all businesses dealing with sweetened drinks to go ahead and register for excise tax purposes and register their products within FTA’s new system as part of the first phase of registration, where the authority will announce the next phase of the registration that will include electronic smoking devices, and liquids used in the devices.
Necessary procedures As per the decision, FTA specifies the necessary procedures to classify excise goods, and may request persons to provide documents or laboratory evidence to determine the content of a certain product and properly classify it. Al Bustani said FTA has set a comprehensive plan to implement the new decision which includes, in addition to the updates made to registration systems, several manuals and guides clarifying the standards and procedures for implementing excise tax on sweetened drinks, electronic smoking devices and liquids.
The guides break down the steps needed to carry out the registration both for taxable persons and excise goods as well as the timeline and deadlines. “Implementation of 50 per cent excise tax on carbonated drinks and 100 per cent on energy drinks and tobacco products was a great success by all measures and indicators,” Al Bustani added Required Question: Read the article and answer the following questions:
1. What is an excise tax?
2. Using a graph (as shown in class) describe the effect of a tax on tobacco on the following: the price paid by buyers, price received by the sellers, quantity bought and sold, total surplus, tax revenue.
3. What is the difference between the legal and economic incidence of such a tax?
4. Why would the government want to impose a tax on such ‘harmful products’ despite it resulting in a welfare loss?
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