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The solution to Externalities
Suppose the U.S. government determines that cigarette smoking creates social costs not reflected in the current price of cigarettes in the market. A study has recommended that the government can correct for the externality given the effect of cigarette consumption by paying farmers not to plant tobacco used to manufacture cigarettes. Assuming that the government is correct that cigarette smoking creates external costs, evaluate where the studyâ??s recommended policies might help correct this externality. Why does the presence of externalities not reflect societyâ??s costs and benefits in the market? Why are markets considered to fail the appropriate allocation of resources that are needed in the market? When answering the question, make sure to evaluate it from the different stakeholders that are present in the market.
Illustrate what does the fundamental assumption of marginal utility theory suggest about the connection between money and happiness.
What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm 2 continued to charge $8?
Utilizing the data, construct limits for x- and R-charts. Explain the process in control. Illustrate what other steps should the QC department follow at this point.
Describe the spot and 12-month forward exchange rates and determine any change in the ROS repatriated in 12 months based on exchange rates versus the current forecast.
Three natural resources as well as products that could be traded abroad based on the principles of comparative advantage for India.
Derive an expression for the marginal utility of good 1, and for the marginal utility of good 2. Using these, solve for an expression describing the slope of an indifference curve: MRS(x1,x2).
Elucidate entity establishes a price ceiling also does it require government sanction for violators
Explain how has the relative composition of M1 changed since 1965? Do your best to explain why this change has occurred.
Assume that the payouts of the game were changed (if necessary) such that it results in gamblers having a positive expected value.
The average weekly earnings of bus drivers in a city are $950 with a standard deviation of $45. Assume that we select a random sample of 81 bus drivers.
Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase.
Elucidate is the fiscal policy expansionary or contractionary.
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