Short Essay Exam On Microeconomics

1.If the government places a $500 tax on luxury cars, will the price paid by consumers rise by more than $500, less than $500, or exactly $500? Explain.

2.Please be sure to answer items a, b, and c!

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Melissa buys an iPhone for $240 and gets consumer surplus of $160.

a. What is her willingness to pay?

b. If she had bought the iPhone on sale for $180, what would her consumer surplus have been?

c. If the price of an iPhone were $500, what would her consumer surplus have been?

3.What are corrective taxes? Why do economists prefer them to regulations as a way to protect the environment from pollution?

4.What are some arguments in favor of raising the minimum wage? On the other hand, what are some arguments against raising the minimum wage? What does economics suggest that the effect of raising the minimum wage will be on the quantity of entry level jobs available

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