ECON111 Assignment (2 Viewers)

[jinghuang]

WTH is Q1 talking about? I get totally confused and totally no idea. Anyone could help me out?

 

[Sweet_Lemon]

plan to work on it after all my exams...lol

 

[CrashOveride]

Mate, it's not due for 2 months

 

[:: ck ::]

someone's obviously ready to kill the micro test on thurs

 

[Supra]

someone's obviously ready to kill the micro test on thurs

hmm hes yet another eager actuary
key to success on thurs: sit behind such actuaries

in all seriousness i think im fukd coz i dont have lecture notes...

 

[*hopeful*]

theres lecture notes ?! or do u mean notes u make wen u rock up 2 the lecture ?

yeh smart ppl where u all gonna b at cuz i wanna sit behind u

 

[Tabris]

1st question is hard to understand, 2nd question but a few questions...

a and b of the first part is ok, not much problem, just simultaneous equations and substitutions

How much of the tax is passed onto consumers??? i said $14, i referred this to the diagrams on pg 153....

In considering the incidence of tax is it strictly more appropriate to refer to slope or to elasticity? In a practical sense does it make any real differe?


first part is yes of course......but 2nd part i am stuck on, does it make a real difference???? what does that mean???


another question

"In determining the change in consumer spending on the amenity as a result of the tax is elasticity or slipe the relevant consideration?"

Yes the elsasticity does matter more, relatively inelastic and relatively elastic demand does determine how much less sepnding there is, but isnt this question very similar to the previous??

Another question

The govt decides to use the proceeds if the tax to finance public works that directly benefit the producer s and consumers of the tax amenity. Calculate tthe loss in producer and cinsumer surpluses as a result of the tax to determine whether or not the community is better off in monetary terms as a resul;t of this policy

I think its how much taken out due to DWL and how much the government can put back in,

 

[pb]

This assignment is friggen hard! I didn't realise it was gonna be... the only question I've been able to do is Q3... anyway...

How much of the tax is passed onto consumers??? i said $14, i referred this to the diagrams on pg 153....

I said $1. $14 is the quantity demanded at the new equilibrium price................. ??

In considering the incidence of tax is it strictly more appropriate to refer to slope or to elasticity? In a practical sense does it make any real differe?


first part is yes of course......but 2nd part i am stuck on, does it make a real difference???? what does that mean???

What do you meant yes of course? is it the slope or the elasticity that is more appropriate?



Also, how do you do Q1? I get the whole TP, TC, fixed costs and all that stuff, but i can't apply it to the question
..... the rest of the assignment i have no clue on =/

 

[Tabris]

i can tell u what i know, and maybe abit of help if i can, but it is pretty complicated and some stuff is not directly mentioned in textbook, my contact details are under my user profile

When said "of course' i meant that elasticity will matter more than slope...

 

[Tabris]

ANyone did Q4 and Q5?? Q4 is very tricky, i know isoquant stuff, but how do i use it to answer the question?????

Also some parts of other questions are hard to interpret, anyone can help:??

 

[CrashOveride]

Thanks for the textbook references guys.

Are a lot of these "thinking" questions (like q1) just that? We can't really get any solid readings from the book (or maybe lectures?) vis a vi the aforementioned question?

 

[Tabris]

I asked Mcharg, he said u have to think it carefully, or something along those lines.... its getting frustrating knowing the general content but dont know how to use them to answer the q's

 

[prusso]

I asked Mcharg, he said u have to think it carefully, or something along those lines.... its getting frustrating knowing the general content but dont know how to use them to answer the q's

yep exactly!

 

[Sweet_Lemon]

equilibrium price (pre tax) = $11
After tax equ p = $12
Consumer pay $1 and Supplier $3

And that slope and elasticity, which one is more important? Any idea ppl??? how bout part 1 question d...stuck on tat >.<

 

[~ForAGoodCause~]

im confused about Q2 last section ... is the community better off?

 

[Catastrophe]

finally.....done everything except question 5a, any idea on that question? my only thoughts are maybe its same elasticity so third degree price discrimination is not possible? this assignment is damn hard......

 

[Good_riceZ]

whenever theres tax, in money terms, the community is 'technically' worse off.

*and there it is...deadweight social loss*

 

[Supra]

whenever theres tax, in money terms, the community is 'technically' worse off.

*and there it is...deadweight social loss*

LOL Indeed

 

[kid]

so who has a clue about 4?

gimme a pointer for starters like what's on the y and x axis?

right now, im just thinkin water v land

if im wrong, its cos i dont gotta clue

 

[CrashOveride]

What do people think about 2.2 with the consumer spending?