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The following graph illustrates the situation in the dry cleaning market assuming that the marginal social cost of the pollution increases as the quantity of items cleaned per week increases. The graph includes two demand curves: one for a smaller city, DS, and the other for a larger city, DL.
a. Explain why the marginal social cost curve has a different slope than the marginal private cost curve.
b. What tax per item cleaned will achieve economic efficiency in the smaller city? In the larger city? Explain why the efficient tax is different in the two cities.
If the bank maintains a reserve requirement of 2 percent, what is the maximum loan that the bank A can make?
Excess burden is caused by the fact that taxes Answer are spent in ways that taxpayers do not support. distort economic decisions. generate less revenue than the government spends. are regressive instead of progressive.
Does this provide the optimal solution? If so, indicate what the solution is and how you decided it was optimal. If not, indicate how you decided and what the next variable introduced into the basis should be.
From historical data, you discover that the na- tional average construction cost of middle schools is $10,500 per student. If the city index for El Paso is 76.9 and for Los Angeles it is 108.5, estimate the total construction cost for a middle sch..
Derive demand functions for goods x1 and x2 for this consumer and calculate own price elasticities , income elasticities, and cross-price elasticities of demand for the two goods.
what is a market? how do you define the proper market size identify potential competitors for a particular product? why
suppose there are two states that do not trade iowa and nebraska. each state produces the same two goods corn and
Explain the difference between nominal and real GDP, andprovide a numerical example with your own numbers of how nominalGDP can be converted to real GDP.
the price of a first class stamp is .42 cents in 2009. the price of the same first class stamp in 1975 was .13 cents.
Draw a graph showing the optimal size of the park and briefly explain why a park of 2 acres is not optimal
a critical assumption in the model of demand and supply is the independence of demand and supply curves. if the two are
For each of the following, is the industry perfectly competitive? Referring to market share, standardization of the product, and/or free entry and exit, explain your answers.
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