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For this question, consider the market for traditional gasoline-fueled automobiles and assume an initial equilibrium in this market.a. Suppose there is a significant drop in the price of electric cars due to a new government program that provides tax rebates for buyers of electric cars. Use the supply and demand model to determine which curve(s) shifted and what happened to the equilibrium price and quantity of gasoline-fueled automobiles.
b. Suppose there is a new robotic technology that allows car manufacturers to increase production level significantly. At the same time, there is an economic expansion that leads to a steep increase in consumer income. Use the supply and demand model to determine which curve(s) shifted and what happened to the equilibrium price and quantity of gasoline-fueled automobiles.
c. At the initial equilibrium in this automobile market, price is $40,000 per unit and quantity demanded is 2 million units. Because of a temporary price decrease to $25,000, quantity demanded increases to 4 million units. Calculate the price elasticity of demand for automobiles. Is demand for automobiles elastic or inelastic?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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