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Discuss using an example what are public goods and why does it lead to a free rider problem. Why is fishing in the ocean, where there are no well-defined property rights, a concern regarding our ability to ensure sustainable use of our fishing stock? Research what is being done in New England coastal fisheries to ensure sustainable cod fishing.
Suppose a firm’s production function is: f(E,K) = 40K0.25E0.75 The corresponding marginal product functions are: MPK = 10K-0.75E0.75 and MPE = 30K0.25E-0.25 Suppose initially that the hourly wage is $9 and the price of each unit of capital is $15. If..
Consider a shrimp restaurant at Fisherman’s Wharf in San Fransisco. The chef at the restaurant chooses whether to use farm-raised or wild-caught shrimp to produce the main dish – shrimp balls. Draw the ten shrimp ball isoquant curve. Add to this gr..
What price and quantity will result once the patent expires and competition emerges in this market? Explain your answer.
Consider an industry in which all firms have identical technology given by a production function: q = min K α , L 1 − α 1/2 , where q is the level of output, α is some constant between 0 and 1, and K and L are two inputs. Describe the long-run equili..
By Elucidate how much also in Illustrate what direction does GDP change as a result of his efforts.
How much excess reserve does your deposit generate for the bank? What is the maximum amount of new money that can be created in the banking system as a result of this deposit? Show all work.
A drought in Nova Scotia reduces the apple harvest, what happens to consumer surplus in the market for apples? What happens to consumer surplus in the market for apple juice? illustrate your answers with diagrams.
What is the probable effect of each of the following on the exchange rate of a country, other things being equal? The quantity of oil imports is greatly decreased, but the value of imported oil is higher due to price increases. The central bank raise..
The president of the United States receives an annual salary of $400,000. Derek Jeter, shortstop for the New York Yankees, receives an annual salary of $23.2 million. If the president of the United States actually contributes more to society than Der..
Supply is the world supply. Elucidate the consumer surplus at the equilibrium price. What is the producer surplus.
Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor?
Think about the demand for the three popular game consoles: XBox, PS3, and Wii. In each of the scenarios below, briefly describe the effect on (a) the demand for XBox games and (b) the quantity of XBox games demanded
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