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Problem: Mayor McNeill has just been elected as the mayor of the small town Noronto. In Noronto, as of 2019, the city has 10 firefighters, each of whom are paid $65,000 a year. Historically, the salary for firefighters has been set by a rather time-consuming process of bargaining with the firefighters'union that takes place at the end of every year.The bargaining process is extremely effective at making sure that the firefighters are able to afford the same quality-of-life every year(something that everyone agrees is very important), but it costs the town about $10,000 a year to hire a negotiator.One of Mayor McNeill's advisors suggested that instead of negotiating a new wage every year, it might be better to instead pay the firefighters a wage that is indexed to the CPI (Consumer Price Index). Mayor McNeill cares about the welfare of his firefighters, but also about the town's budget, so he has asked you, as his economic advisor, to explain the advantages/disadvantages of adopting the CPI plan, and make a suggestion about what to do.
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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