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1. The equilibrium price of bananas is $4 a kilo in both city A and city B. The supply curve of bananas is the same in both cities. A price of $3 a kilo is set in both A and B. The price elasticity of demand is higher in city B. With the aid of two diagrams , explain in which city the shortage of bananas will be greatest.
2. Show the effect of placing an excise tax on cigarettes, mark clearly the price paid by consumers as Pc and the price received by producers as Py. Show the amount of tax revenue raised by the government and what proportion of this is paid by consumers and what proportion is paid by producers. Be careful to show any effects that elasticity may play in the distribution of the tax.
3. How do perfect competition and monopoly differ in terms of economic efficiency? Remember to define all your terms and use appropriate diagrams to illustrate your answer. 4. Explain what is meant by the term ‘externality' . Describe with the aid of a diagram a negative externality associated with consumption . Show theprivate and social costs or benefits in the market.
A factory benefits from discharging effluent, q, into a lake. The marginal benefit function is given by 60-2q. The pollution causes damages to two nearby communities. The marginal damages to Community A are 1q. The marginal damages to community B ..
Presume that both Country A and Country B have the same production function: Y/L = 6*(K/L)0.5. But, Country A has a capital-to-labor ratio that is initially twice as big as Country B. In addition, Country A has a 10% saving rate, a 10% labor force gr..
The price elasticity of demand for senior citizens purchasing coffee from McDonald's is -5 while non senior citizens have a price elasticity of demand equal to -1.25.
Need five sentences responding to each response to the questions. Two separate responses. Try not to use technical words. 1.Describe Janie's relationship to her Grandmother Nanny. What values or beliefs does her grandmother voice and how are Janie's ..
What is the ratio of the output per worker (assumed proportional to their wages) of a Country X that has 10 years of schooling to a Country Y that has 7 years of schooling?
Purpose of speech is to persuade you affirmative action is good globally for businesses, schools, women, minorities, and the economy.
What monetary policies do you think caused the crisis 2. What were the effects of the policies implemented in reaction to the crisis 3. Do you think the solutions worked in the short term? In the long term? Fiscal policies 1. What fiscal ..
Can you articulate how macroeconomics and microeconomics come into play in the context of firm decision-making in a global business. Please provide an example.
What is the difference between implicit and explicit costs? Which costs do economists take into consideration? Why? -- Use a specific example to explain how economic cost is calculated.
a countrys annual growth rates over a 10-year period are shown in the following table.year growth rate 1 5 2 3 3 4 4 -3
You borrowed $20,000 to finance the education expenses for your senior year of college at the beginning of your senior year. The loan will be paid off over five years and the first instalment will be due a year later. The loan carriers and interest r..
select one of the following companiesmiddot pepsi-cola companymiddot wal-mart stores inc.middot
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