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Two jurisdictions have preferences described by
where Gj is the quantity of the local publc good in jurisdction j and yj > 0 is a parameter.
a. What is the optimal quantity of public good for the two jurisdictions?
b. If the public good is centrally provided so that GA = GB, find the quantity that maximizes UA + UB.
c. Calculate the loss from enforcing uniformity of provision.
Determine the equilibrium price and quantity. Determine the implications for each of the computed elasticities for the business in terms of short-term and long-term pricing strategies. Provide a rationale in which you cite your results.
A manufacturing company is considering a capacity expansion investment at the cost of $250,000. The expansion would enable the company to produce up to 100,000 more parts and the useful life of the additional capacity is 7 years.
Rubax, a United States producer of athletic shoes, estimates the following linear trend model for shoe sales:
Suppose a manufactrer estimates its marginal cost at $1,00 per pack, its own price elasticity at -2, and sets its price at $2,00. Average total cost per pack are expected to raise by $.60. What effect will this have on its optimal price
Explain what Bob's "tit-for-tat strategic behavior" would be if he wished to see the game.
Suppose we have Dagwood, who has a current income of $200K and expected future income of $60K. He has $50K in current wealth (i.e., ‘a' = $50K), but this is before he opens that % envelope. He has zero expected future wealth.
suppose the airline is offered $4,000.00 per week to haul freight along the route for a local firm. This will mean replacing one of the weekly passenger flights with a freight flight (at the same operating cost). Should the airline carry freight f..
Define inflation. Assume that you live in a simple economy in which only three goods are produced and traded: fish, fruit, and meat. Suppose that on January 1, 2007, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per ..
suppose a random experiment can be represented by 2 sets of events ai and bj with each pair of sub events a1 and a2 and
During spring break, students have an elasticity of demand for a trip to Florida of -3. How much should an airline charge students for a ticket if the price it charges the general public is $360 Assume the general public has an elasticity of -2.
What is the cost of producing q output in the short-run? d. What is the marginal cost of producing a 301s unit? A 401st unit? If you are comfortable doing so, you may answer this question by writing down the marginal cost function directly, rather..
Do you think the "natural restorative powers" of the economy mean that policymakers should be passive in response to the business cycle?
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