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An absence of property rights often leads to market failure. When this is the case, how does society usually solve the problem?
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, i..
q1. americans already enjoy living standards that far exceed world averages. do we have enough? should we even try to
In the market for widgets, two firms sell identical products, compete by choosing the price at which they sell their product, and choose their prices at the same time. What will the equilibrium price and quantity be relative to what would occur if th..
Draw a simple circular flow diagram showing the flow of dollars, goods & services between households & firms. Explain why the dollar flow out of households and into businesses must be equal. Is the same true in the expanded circular flow? Explain. Su..
Kath has $80 (income M) to spend on pizza (good 1x) and coke (good 2x). The price of a slice of pizza is $4 and the price of a can of coke is $1. Formulate the intercept-slope equation of Kath’s budget line. Assume that, other things being equal, piz..
A free-market republican argues against the Pigouvian tax by pointing out that the conditions necessary for the Coase Theorem to produce an efficient equilibrium are present in this situation. Assuming that the republican is correct, describe two met..
Vietnam employs 40 million tons of rice a year. World price os rice is $500 per ton. Vietnam employs 10 million people in rice production with each working an average of 1000 hours a year. Which economy, California or Vietnam, has an absolute advanta..
A monopolist with a straight-line demand curve finds that it can sell one unit at $9 each or nine units at $1 each. Its marginal cost is constant at $4 per unit.
In 1981 Andrew Carnegie asserted that "parents who leave their children enormous wealth generally deaden their children's talents and energies and tempt them to lead less productive lives." Evaluate this statement using the labor-leisure model and e..
neither person may trade away any water to the other for exchange for more bread. Set up an Edgeworth Box to depict this situation and elucidate why it is unlikely to be Pareto efficient.
Elucidate in general what factors would affect the elasticity of demand for frozen grape juice.
Which of the following is a list of nonrival private goods only? Economic theory suggests that college graduates receive higher wages than those with only a high school education because:
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