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Several years ago, American Economic Review published a paper in which the author claimed giving gifts at Christmas was "inefficient." Instead of giving gifts, which the receiver might not want, it would be better to give money so that the recipient would then use the money to satisfy his or her own preferences. Would this always be the situation, or can one make a case for giving actual gifts besides money? Explain
What is the basic determinant of (a) the strength of the transactions demand for money (the location of the transactions demand for money curve) and (B) the amount of money demanded for assets, given a particular asset demand for money curve
Suppose there are two technologies for producing steel. Under technology A, a firm's short-run total cost function is STCa(q)=1/2q^2+100q+10 with SMCa(q)=q+100, and using technology B it is STCb(q)=2q^2+6 with SMCb(q)= 4..
Find out the price p0 = S(q0) at which q0 units will be supplied and compute the corresponding producers' surplus PS. Sketch the supply curve y = S(q) and shade the region whose area represents the producers' surplus.
Rent-seeking behavior results in a)increased economic activity by promoting efficiency b)lower economic acitivity by diverting resources to less-productive uses c)a more equitable distributionof income and wealth
Why is it not surprising to find that in the oligopoly which sells basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
How does the Heckscher-Ohlin theory differ from Ricardian theory in explaining international trade patterns and the theory demonstrates how trade affects the distribution of income within trading partners. Explain.
what action has our government taken in order to provide this good and service in an equitable fashion what are the alternatives to government intervention 3. what has been the end result of government intervention
Why does google care weather people think it is large or small? Do highway billboards actually provide competition for Google. Briefly explain. Please state wheather the actual demand were a)to the right or to the left the where the company thou..
Social welfare functions embody a normative conception of the relative importance of equity and efficiency'. With the aid of diagrams, illustrate and explain this proposition.
You've recently learned that the company where you work is being sold for $380,000. The company's income statement indicates current profits of $15,000, which have yet to be paid out as dividends.
The demand for speciality glue is given as: P = 1200 - 6Q, where P is value per 100 pounds of specialty glue produced and Q is the amount manufactured.
Advertising can inform buyers, but sellers must incur costs to advertise. If so, advertising can result in higher prices to consumers. Does this mean advertising is economically inefficient If not, explain how it can simultaneously create value an..
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