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Consumer Surplus, Producer Surplus and Correcting for Spillover Costs or Externalities
Question 1. Draw a supply and demand graph and identify the areas of consumer surplus and producer surplus. Given the demand curve, what impact will an increase in supply have on the amount of consumer surplus shown in your diagram? Explain why?
Question 2. Why are spillover costs and spillover benefits also called negative and positive externalities? Show graphically how a tax can correct for a negative externality and how a subsidy to producers can correct for a positive externality. How does a subsidy to consumers differ from a subsidy to producers in correcting for a positive externality?
As a trader of a commercial bank explain how would I invest $1 million and earn risk free return by engaging in covered interest arbitage.
Illustrate the difference among the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution.
High Mark Industries sells solar water heaters to households interested in lower energy bills and sustainable energy.
Assume you do not think that the statement does have any credibility. Illustrate what is the expected impact of the resulting policy on your business.
If average variable price are assumed to remain constant over a 10 percent increase in output, evaluate the effects of the proposed price cut on total profits.
A firm in perfectly competitive 'industry has this cost function: TC = 900 + q^2-If market demand is QD = 1800 - 20P, what is the long-run equilibrium price, quantity produced by the firm and the industry, and the number of firms in the industry?
A firm has estimated the following demand function for its product: Calculate the advertising elasticity of demand and explain its meaning.
Elucidate how the topic you chose relates to the growth of US banking overseas.
Elucidate Classical economists believed in the self-correcting nature of the economic system. They believed that the major adjustment.
The subsiquent table provides how the number of security guards affects the number of guards affects the number of radios stolen per week.
Describe the major difference between the law of demand and the law of supply. Consider the supply and demand schedules below.
Illustrate what components would be comprised in the spreadsheet. Explain how could you perform sensitivity analysis on the spread sheet.
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