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The problem below asks about the oil price increase from 1973-1980. We have also seen this in 2005 and 2010, although not as dramatic a price increase. Please answer the questions in this problem. Discuss. Problem: When oil prices increased 10 fold during the 1973-80 energy crisis, many oil companies made huge profits. During this energy crisis, Congress considered imposing an “excess profits” tax on oil companies. Do unexpected monopolistic profits serve any useful function in a market economy? (Hint: Could additional oil revenue be used to explore and develop new oil fields?)
Suppose a firm pollutes a stream that has a recreational value only when pollution is below a certain level. If transaction costs are low.
Botswana is one of the few economic success stories in Africa. While still plagued with many problems (e.g. one of the highest rates of AIDS infection in the world), it has managed to transform itself among the poorest countries to a middle income co..
According to the Keynesian model, equal increases in government spending and taxes will result in which of the following?
A local dentist read an article published by the American Dental Association estimating that the elasticity of demand for the representative dentist's services is -2.5. How much should the dentist mark up her price over marginal cost?
The water fountains in Learned Hall are costing $1200 a year to maintain. How much money can you justify spending NOW for new fountains and plumbing (materials and labor combined) if no maintenance will be needed for the first 3 years, $200 a year fo..
q1. q10000-1000p0.05pop0.610.3awhere q is quantity p is cost pop is population i is disposable income per capita and
Suppose that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. The graph also shows that the minimum price at which a few of the producers are willing to sell is $0.06 per pound. In t..
Southeastern Oklahoma state university's business program has the facilities and faculty to handle and enrollment of 2100 new students per semester. Although there was ample demand for business courses last semester, conflict in schedules allowed onl..
q.suppose there is a credit market imperfection due to limited commitment. each consumer has a component of wealth that
What is your opinion of this economics course? Did it meet your expectations? What suggestions can you offer for improvement of this course for future students?
A student is shown four envelopes. Envelope A contains $2,000; envelopes B, C and D contain uncertain amounts of money but with the following probabilities: Envelope B -- $5,000 with a 10 percent probability, $2,000 with an 88 percent probability, an..
The tax multiplier is smaller in absolute value than the government purchases multiplier because some portion of the
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