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Economists in the ministry of agriculture in kwale county have estimated the following market model for fertilizer based on annual time series data on price and quantity in thousands. The government intends to reduce the market price by 20% per bag as requested by farmers. Consequently, it will buy the excess output if any at the market equilibrium price. Alternatively, a new plant costing 20 million with a life time of 5 years, producing 5 million worth of fertilizer annually can be constructed. Assuming a 10% market rate of return, what should the county government do? Qd=36-1/3p. Qs= -9+1/2p.
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?
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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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