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a. Consider our competitive market, describe by the supply and demand model. If there are no externalities, explain why economists describe the competitive equilibrium an efficient.
b. Suppose instead that all of the firms in this market vent an ozone reducing chemical into the atmosphere as a consequence of their production actives.
1. Is this new outcome efficient? Explain with help of a diagram
2. Do these firms have an incentive to reduce their pollution? Explain with help of a diagram
3. Modern economists suggest 2 solutions for the pollution problem above. Explain how a pollution tax and an emission permit trading scheme can both "solve" the problem of pollution.
4. Suppose the polluter from above is not a competitive industry but instead is a monopolist. How does this complicate your analysis of the pollution problem and its solution?
How will the unemployment rate during the current period compare with this economy's natural rate of unemployment? What will tend to happen to resource prices in the future?
consider a country described by the one-country model in section suppose that the country temporarily raises its levels
Sam’s utility function is U(x1, x2) = 2x1 + x2, where x1 is the number of units of good 1 he consumes per week and x2 is the number of units of good 2 he consumes per week. Sam has $200 a week to spend. If he belonged to the club, he could buy good 2..
Suppose that the government places a ceiling on the price of a medical drug below the equilibrium price. Explain why there is a shortage of the medical drug at the new ceiling price.
Explain how do we measure income inequality. What problems arise the more unequal a country's income distribution becomes.
A stock is projected to pay a dividend of $3 in 1 month. A three month at-the-money European put option on the stock has a premium that is $2.751 higher than the premium for a three-month-at-the-money European call option on the stock. The continuous..
What are the two characteristics of public goods. Is U.S. border control a public good or a private good.
A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. Fill in the blanks The team earns $....... in..
In 2012, a group in Germany proposed a “wealth tax” -- on building, machinery and equipment—that would be levied on all employers having at least $1.4 million invested in such assets. Use the labor market theory learned in this chapter to analyze the..
Illustrate why are companies using more technology input while reducing labor input. Why are the Average Cost Curves U-shaped.
An input is indivisible if:
Recently, the owner of a Trader Joe’s franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $55,000 and her store made $120,000 in profits. Assuming the change in compensation is the reason for the..
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