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Malaria is a contagious disease spread by mosquitoes. Mosquitoes bite an infected person and pass the disease along by biting an uninfected person. In developing nations, the spread of malaria can be diminished if people sleep underneath mosquito nets draped over beds. The accompanying graph shows the market supply and demand for mosquito nets.
Part 1: Use the copy tool to draw a curve showing the marginal social benefit (MSB) from the use of mosquito nets.
Part 2: Use a vertical drop line to identify the socially optimal quantity, and label it Qopt. Make sure that the highest point of the drop line for Qopt is placed on the supply curve.
Suppose a Pigouvian subsidy is used to completely internalize the external benefit.
Part 3: Use a horizontal drop line to identify the price that suppliers would receive after the subsidy. Label it Ps.
Part 4: Use a horizontal drop line to identify the price that consumers would pay after the subsidy. Label it Pc.
Suppose the current money supply is $10,000. The required reserve ratio is 0.5. The Fed wants to increase the money supply by $1,000.
Assume the economy has a GDP of $11,500 billion. The unemployment rate is at 7.3% and has been slowly rising for the last 6 months. Inflation was at 2.3% one year ago but has since dropped to near 0%. The MPC in the economy is .75 and the natural rat..
Suppose that George operates a laundromat which requires two inputs, capital (K) and labor (L). Suppose George desires to produce 90 units of output, the cost of capital is $1 and the cost of labor is $27. What is his optimal input combination?
the cost curves on a graph with quantity on the x-axis. The first graph should show the Total Cost (T C), the Total Fixed Cost (T F C), and the Total Variable Cost(T V C) curves.
Analyze this statement in terms of your assessment of Marx as economist also as a philosopher.
In his first State of the Union speech, President Trump said: "Tonight, as I outline the next steps we must take as a country, we must honestly acknowledge the circumstances we inherited. Ninety-four million Americans are out of the labor force." ..
Your firm’s research department has estimated the income elasticity of demand for Art Deco lawn furniture to be -0.85. You have just learned that due to an upturn in the economy, consumer incomes are expected to rise by 5 percent next year. How will ..
Jerry's demand curv for offic visits is Quantity = 30 - Price or Willingness to pay for the Nth visit=30-Nth Visit. Jerry has an insurance policy with a deductible of $100, a stop loss of $200, and a coinsurance rate of 50%. Suppose all doctors charg..
If a nation is selling less goods and services to foreigners than it is buying from them, then on net it must be buying more assets abroad, then the value of domestic assets purchased by foreigners. By itself, the purchase of a U.S. bond by a foreign..
Calculate the equilibrium wage rate and quantity of labour employed and draw a diagram to illustrate your answer.
A large life insurance company has decided to switch from using a strong fear appeal to a humorous approach. What are the strengths and weaknesses of such a change in message strategy?
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
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