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Assume the United States government determines that the cigarette smoking creates social expenses not reflected in current price of cigarettes in the market. A study has recommended that government can correct for the externality given the effect of cigarette consumption by paying farmers not to plant tobacco used to manufacture cigarettes. Assuming that the government is correct that cigarette smoking creates external costs, evaluate where the study’s recommended policies might help correct this externality. Why does the presence of externalities not reflect society’s costs and benefits in the market? Why are markets considered to fail the appropriate allocation of resources that are needed in the market? When answering the question, make sure to evaluate it from the different stakeholders that are present in the market.
Suppose you bought a bag of groceries at Food Lion this past September for $46.54. Calculate the price of a similar bag of groceries in 1999 prices if the CPI
Corn is a key input in the poultry, dairy, hog, and cattle industry. Ellucidate effect has the sharp increase in the price of corn had on these industries.
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
Assume labor's share of GDP is 70% and capital's is 30%, real GDP is growing at a rate of 4 percent a year, the labor force is growing at 2 percent, and the capital stock is growing at 3%.
Illustrate what do you think are the most significant determinants that would impact the supply part of the banking industry.
Assume you are looking at data for an economy that uses only two inputs, physical capital and labor. The table shows output for different combinations of labor.
Suppose no increase in the price of labor, how many workers will the bakery hire.
Suppose your telephone plan charges you $25 per month plus ten cents per minute for long distance calls. Write an equation that describes your monthly telephone account.
Elucidate that specialization and trade can move both countries beyond their production possibility frontiers.
The ability to create new products and process and to organize production to make goods and sevices available.
Find out the equilibrium market price. Find out the profits of the leader and the follower
Explain how does the Leontief paradox challenge the overall applicability of the factor-endowment model.
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