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1. Briefly, discuss the Market Failure of Public Goods Markets.
2. What is the equi-margin principle and why does it represent a cost-effectiveness condition?
3. Discuss the Coase theorem and illustrate (using graphs) how designation of property rights to either of the parties interested in using the river (nearby residents wanting to use it for fishing and boating versus a textile mill that wanted to discharge its waste water into the river) generates optimal pollution. Your graph represents a market for textiles, involving market demand, market supply, and marginal external costs (MEC).
4. What is allocation efficiency criterion and how is it different from the cost-effectiveness criterion?
Assume Adia and Zardia can switch between producing wheat and producing beef at a constant rate: In one hour, Andia can produce 3 Bushels of wheat and 5 pounds of beef. At which of the following prices would both Andia and Zardia gain from trade with..
Using the characteristics of the monopoly structure to help you, discuss the arguments for and against monopolies. Explain the moral hazard problem and the adverse selection problem. Describe the difference between them, and discuss instances where t..
What are your chances of winning if you stay with door #1? What are your chances of winning if you switch?
On October 19, 1987, the Dow Jones industrial average dropped about 500 points or a little more than 23%. What effect should a decline in stock values of this magnitude have had on aggregate demand according to the life-cycle theory of consumption?
What is the marginal opportunity cost of producing the second unit of clothing? What is the total opportunity cost of producing the second unit of clothing? What is the marginal opportunity cost of producing the third unit of clothing? What is the to..
Explain how will La Nina affect the price of Chilean wine. Assuming LaNina does not impact the California wine producing region, how will La Nina impact the market for Californian wine.
Inflation is rampant in our country which, in turn, weakens our purchasing power. As a future salaryman with fixed monthly income, how can we overcome the infla
we want to take a random sample of four accounts in order to learn about the population. How many different random samples of four accounts are possible?
1. Say a local government will build a new office center and offers to purchase gasoline to compensate employees who must now commute further distances. The gov
How many total votes can be cast? (Do not round intermediate calculations and round your answer to the nearest whole number.)
Two ?rm’s produce soda: one with a constant MC=$1.00, and one with a constant MC=$0.50. Demand for soda is given by QD = 100 − .5P. For each of the following models of oligopoly competition below, Find the market price, market quantity, each individu..
Complete the following table for a perfectly competitive firm: Instructions: Enter your responses rounded to two decimal places. Output Total Cost Marginal Cost Average Total Cost Average Variable Cost 0 $100 ---- ---- ---- 5 110 $ $ $ 10 130 $ $ $ 1..
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