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Question: Natural resource policies and management practices often focus on addressing "spillover" effects of one person's actions on other people. For example, we discussed how logging practices might impact the livelihood of salmon fishermen in the Pacific Northwest of the United States. A situation where logging results in erosion with consequential reduction in water quality and adverse effects on both recreational and commercial fishing. We have considered the issue of how one farmer's use of water from the Ogallala aquifer effects other users of the aquifer. Property rights arrangements will dictate the extent to which these interactions persist and perhaps continue to degrade the resource, but so will the individual perceptions of the costs associated with the resource use. In many of these situations, the private costs diverge significantly from the social costs of resource use and extraction. In a well-organized essay, using material from class, describe how socially efficient outcomes differ from private outcomes when such "spillovers" occur. Feel free to use diagrams from class to support your explanation.
Describe policy options that would help to realize a socially optimal outcome. Your essay should explain the potential for private bargaining in realizing an optimal outcome for two parties attempting to resolve such spillover effects.
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?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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