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Assume there is a firm which produces a type of pollution which it would be willing to eliminate for $500. There are 3 households that live far away from each other but are the only ones affected by the pollution. These 3 households would be willing to pay $100, $200, and $300 respectively to eliminate the pollution from the firm.
1) Explain whether or not it is efficient for the firm to keep polluting. Explain what happens if a court grants the "pollution rights" to the households.
2) Explain the result if a court awards the pollution rights to the firm, and a lawyer charges each household $50 to negotiate a settlement with the firm. No fee is paid if a settlement is not reached.
Draw the payoff matrix for this game. Elucidate any possible Nash equilibria in pure strategies for this game.
What were the fixed and variable costs for this business? What were some of their long-run costs? Who were their competitors? What were the factors that contributed to the decision to shut down production?
A firm sells cups in two fake countries, Noland and Yesville. Price discrimination is illegal in Noland and in Yesville. But, the price per cup can be different in Noland than it is in Yesville. Calculate profit maximizing values for:
Suppose that after a lifetime of consuming fattening fast food every day you develop heart disease. The government must pay most of your medical bills through the Medicare system. Is it correct to say that your consuming unhealthy meals created no ex..
An ecosystems framework to economic analysis of a policy, such as requiring all able-bodied welfare recipients to seek work, provides for a focus on
Recently, the owner of a Trader Joe’s franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $55,000 and her store made $120,000 in profits. Assuming the change in compensation is the reason for the..
Explain why perfect personalized pricing is typically more profitable than menu pricing.
The court that hears appeals from the EU's antitrust enforcement agency and referrals from the courts of the EU member state on competition issues is the a. European Court of Justice b. Community Supreme Court c. European Court of Appeals d. Antitrus..
Linda Sims is the manager of the accounting department and Jose Martinez is the manager of the sales department for a production company. This is a fast growing firm, and the staff of the accounting department (11 employees) is often over whelmed wit..
Current issues surrounding social security and the current policy being implemented in relationship to its impact on public finance. Also include any possible new policy discussions surrounding the topic that are related to public finance.
"The current chairperson of the FED is Janet Yelling and she oversees an entity that is strongly influenced by politics and politicians." Do you agree? Why or why not? Be specific and limit your response to one paragraph..
At the moment, the market is completely ignoring things like record US trade deficits and the widening current account deficit. It is also largely ignoring the possibility of Federal Reserve rate cuts. Traders and investors are instead focusing only ..
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