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Since both taxes and subsidies create deadweight loss to society, why are they used to correct negative and positive externalities? Ensure to explain whether society is better off or worse off and why.
Consider the perfectly competitive Corn industry. It is initially in long run equilibrium at quantity Q0 and price P0. Draw a supply and demand diagram for the Corn market showing this equilibrium. Draw a diagram for a typical firm in its initial lon..
Both the production of goods and services and the unemployment rate are used to measure? In a simple circular-flow diagram, who buys the factors of production?
"The optimal purchasing rule is satisfied when a budget line is tangent to an indifference curve" explain with economic reasoning and an appropriate diagram.
Why are externalities referred to as "market failures?" Does the market system actually encourage this behavior? Identify two possible solutions to externalities.
Show the changes in the demand for tourism as income of a tourist grows when tourism is perceived to be, (a)normal good, (b)superior good, and(c) inferior good. Analyse the demand for tourism overtime using intertemporal analysis.
Historians have debated whether or not a “Market Revolution” took place in the United States during the first half of the nineteenth century. Was the Market Revolution simply a “transportation and communication revolution,” or is there evidence that ..
If you are running a bake sale and increase the price of your cupcakes from 1$ to 2$ what will happen
A person with diminishing marginal utility will demand insurance (i.e., will be willing to pay more to get insurance than (the negative of) the expected value of the loss lottery). Try to replicate our example of full insurance with an individual who..
What is the internal rate of return of this project? What is the payback period for this project?
Explain what Fred meant using the concept of the business cycle, durable and non-durable industries.
Consider an antique auction where bidders have independent private values. There are two bidders, each of whom perceives that valuations are uniformly distributed between $100 and $1,000. One of the bidders is Sue, who knows her own valuation is $200..
Describe the relationship between international trade volume and world output, and identify overall trade patterns. Explain theories of absolute advantage, comparative advantage, factor proportions, and international product life cycles. Explain the ..
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