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Consider a sample with data values of $10,20,21,17,16,$ and $12 .$ Compute the mean andmedian.
Consider a sample with data values of $53,55,70,58,64,57,53,69,57,68,$ and $53 .$ Compute the mean, median, and mode.
An economic model isa. a mechanical machine that replicates the functioning of the economy.b. a fully detailed, realistic description of thec. a simplified representation of some aspect of thed. a a computer program that predicts the future of the economy.
A tax on a good has a dead weight loss ifa. the reduction in consumer and producer surplus isgreater than the tax revenue.b. the tax revenue is greater than the reduction inconsumer and producer surplus is greater thanthe reduction in consumer surplus is greater thanc. the reduction in consumer surplus is greater thanthe reduction in producer surplus.d. the reduction in producer surplus is greater thanthe reduction in consumer surplus.
Sotia pays Sam $\$ 50$ to mow her lawn every week. Whenthe government levies a mowing tax of $\$ 10$ on Sam, heraises his price to $\$ 60 .$ Sofia continues to hire him atthe higher price. What is the change in producer surplus, change in consumer surplus, and dead weight loss?a. $\$ 0, \$ 0, \$ 10$b. $\$ 0,-\$ 10, \$ 0$c. $+\$ 10,-\$ 10, \$ 10$d. $+\$ 10,-\$ 10, \$ 0$
Eggs have a supply curve that is linear andupward-sloping and a demand curve that is linear anddownward-sloping. If a 2 cent per egg tax is increasedto 3 cents, the dead weight loss of the taxa. increases by less than 50 percent and may evendecline.b. increases by exactly 50 percent.c. increases by more than 50 percent.d. The answer depends on whether supply or demandis more elastic.
