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Question: Suppose that there are two industries and two consumers. Each industry uses both capital K and labor L in the production process, and each produces a different good, X in one and Y in the other. Consumers get utility from X and Y. Both goods are private.
a) Write down and explain intuitively the conditions for this economy to be pareto efficient.
b) Define the production possibility frontier and relate it to the efficiency conditions.
c) Define both the grand utility possibility frontier and a utility possibility frontier and relate them to the efficiency conditions.
d) Explain under what circumstances a society might prefer an inefficient allocation of resources to an efficient allocation. (Hint: your answer will be made simple if you use the appropriate diagram.)
Draw the marginal revenue function for this firm and what is the profit-maximizing price for this firm - On the graph show the area which represents the net loss to society resulting from the monopoly power conferred by the patent.
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Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases
If the government regulates a monopoly's price below the socially efficient level, then:
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consider a market of mp3 players. list one or two events related with this market which will cause the following
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Suppose your product is Wendy's hamburgers. First "draw" the demand and suppy curve and see how the equilibrium price and quantity is determeined.
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