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Lecture

Q5 Propety Taxes and Equilibrium (Hard)

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Department
Economics
Course
ECO100Y1
Professor
All Professors
Semester
Fall

Description
Property Taxes and Equilibrium (Hard) A perfectly competitive industry with “n” identical firms is in short run equilibrium. Each firm has a total fixed cost of $80,000 and is initially making economic profits of $50,000 per year. Now, each firm faces an increase in property taxes of $80,000 per year. As a result of this shock, which one o
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