Suppose that the government decides to restrict sales of use…

Suppose that the government decides to restrict sales of used Chinpokomon figures to ensure that retailers can make a profit from sales of Chinpokomon merchandise. As such, Stan and Kyle are restricted to selling only 5 figures. What is the value of deadweight loss in this transaction?

The Saint Louis County Library is on the brink of failure be…

The Saint Louis County Library is on the brink of failure because of increased labor costs. To keep the library running, the owners of the library must increase their revenue. The library only is able to make money by selling their membership, which is currently priced at $5 per month. The library owners know that the absolute value of elasticity of demand for their membership is greater than 1. To increase the revenue earned on memberships, the library should: