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In each case, indicate whether the statement as given is true/false/uncertain and explain why. Points will be given for the explanation of your answer only. Write your answers as completely as possible.
1.The problem of social choice is complicated by the wide range of individual perspectives (e.g., biocentrism, anthropocentrism, sustainability, etc.), but the more difficult problem is taking whatever individual preferences exist and coming up with a choice that balances the competing interests in determining what is best for society.
2. If a polluting firm (for example, a steel producer) is also a monopolist in its output market, the appropriate pollution tax should be even higher than the standard Pigouvian tax in order to discourage both the firm’s pollution production and its monopolistic behavior.
3. A firm facing a tax on pollution has a greater incentive for a firm to innovate (i.e., find new, more efficient ways to reduce pollution) than a firm facing a technology standard.
In the spring of 2002, lettuce price doubled from about $1.5 to $3 per head. The reaction of one consumer was quoted in newspaper article; "I will not buy lettuce when it is a $3 a head" she said, adding that other green vegetable can fill in for let..
Analyze the characteristics which make any transaction possible and justify the importance of each of the characteristics.
In Atlanta, the price elasticity of demand for bus rides is -0.5, the income elasticity of demand for bus rides is -0.1 and the cross price elasticity of demand for bus rides with respect to gasoline is 0.2. Describe the relationship between bus ride..
Find the WACC for a firm that is what you think is a risky industry and the WACC for a firm that is in what you think is a less risky industry. Compare them and comment on the possible reasons for the similarity or difference.
Who gets scarce resources in a market economy?
Suppose price of Treasury bill falls to $925. Illustrate what is interest rate.
Describe the differences between shortages and scarcity. In answering this question you should think difference between the short run and the long run in economic analysis.
For every of the subsequent goods, indicate whether you expect demand to be inelastic or elastic also explain your reasoning
q.suppose a factory can produce a shirt for the equivalent cost of 2 loaves of bread and a household can produce a
What is total cost of saving water. Illustrate what is marginal cost saving 1 meter cubic of water.
Explain how the aggregate supply and Phillips curves are related to each other. Can any information be derived from one that cannot be derived from the other? How do short- and long-term Phillips curves differ? (Hint: In the long run, we return to a ..
Consider a shrimp restaurant at Fisherman’s Wharf in San Fransisco. The chef at the restaurant chooses whether to use farm-raised or wild-caught shrimp to produce the main dish – shrimp balls. Draw the ten shrimp ball isoquant curve. Add to this gr..
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