Suppose that you have tastes for grits and "other goods" (where the price of "other goods" is normalized to 1). Assume throughout (unless otherwise stated) that your tastes are quasilinear in grits. The government decides to place a tax on grits — thus raising the price of grits from p to p + t. a. On a graph with grits on the horizontal axis and "other goods" on the vertical, illustrate the before- and after-tax budget.
b. Illustrate your optimal consumption bundle after the tax is imposed, then indicate how much tax revenue T the government collects from you.
c. Illustrate the most L you would bc willing to pay to not have the tax.
d. Does your answer depend on the fact that you know your tastes are quasilinear in grits?
e. On a graph below the one you have drawn, derive the regular demand curve as well as the MWTP curve.
f. Illustrate T and L on your lower graph and indicate where in the graph you can locate the deadweight loss from the tax.
g. Suppose you only observed the demand curve in the lower graph, and you knew nothing else about tastes. If grits were actually a normal good (rather than a quasilinear good), would you under- or overestimate that deadweight loss by assuming grits are quasilinear?

Leticia has worked for 20 years in the public relations department of a large firm and has been the vice-president for the past ten years. it is unlikely she will ever be promoted to the top executive position in her firm even though she has directed several successful projects and is quite capable. her lack of promotion is an illustration of (a) the "glass ceiling" (b) the "glass elevator" (c) the "mommy track" (d) sexual harassment

About 20 years ago, sturdy light, inc., produced a sturdy, lightweight backpack in a market that was rapidly growing. sturdy light became a leader in this market. eventually, the backpack market reached the maturity stage and slowed down. however, by this time, sturdy light had developed a strong brand name and continued to steadily lead the market. which of the following describes this scenario? a. sturdy light was a star that developed into a cash cow. b. sturdy light was a question mark that developed into a star. c. sturdy light was a dog that developed into a question mark. d. sturdy light was a cash cow that developed into a star.

He cheyenne hotel in big sky, montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. an occupancy-day represents a room rented out for one day. the hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer. month occupancy- days electrical costs january 1,736 $ 4,127 february 1,904 $ 4,207 march 2,356 $ 5,083 april 960 $ 2,857 may 360 $ 1,871 june 744 $ 2,696 july 2,108 $ 4,670 august 2,406 $ 5,148 september 840 $ 2,691 october 124 $ 1,588 november 720 $ 2,454 december 1,364 $ 3,529 required: 1. using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. (do not round your intermediate calculations. round your variable cost answer to 2 decimal places and fixed cost element answer to nearest whole dollar amount) 2. what other factors other than occupancy-days are likely to affect the variation in electrical costs from month to month? (you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) seasonal factors like winter or summer. systematic factors like guests, switching off fans and lights. number of days present in a month. fixed salary paid to hotel receptionist. income taxes paid on hotel income.