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A firm can produce steel with or without a filter on its smokestack. If it produces without a filter, the external costs on the community are $500,000 per year. If it produces with a filter, there are no external costs on the community, and the firm will incur an annual fixed cost of $300,000 for the filter.
a) Use the Coase Theorem to succinctly explain how costless bargaining will lead to a socially efficient outcome, regardless of whether the property rights are owned by the community or the producers.
b) How would your answer to part a) change if the fixed cost of the filter were $600,000?
A firm produces 10 units per week at a price of $500 each. With AFC of $100 and AVC $350 per unit, the firm is earning economic profits of $500 per week.
Suppose that the euro zone is the home "country" and the US is the foreign country, which means that exchange rate, which has the dimensions of local currency per unit of foreign currency, is in units of euros per dollar.
A rise in the price of coffee beans, which is a material for a cup of coffee, is responsible for these observations.
Discuss the potential risks of using Web 2.0 tools. Provide several examples. What are the benefits of "build-to order" to buyers and sellers? Are there any disadvantages?
How much would each farmer produce in the long run? How many farmers would exist in the industry in the long run and
What are the marginal costs and benefits of pursuing additional education and inherent risks associated with this decision?
Define the barriers to entry into an industry. Describe how each barrier can foster either monopoly or oligopoly. Which barriers, if any, do you feel give rise to monopoly that is socially justifiable?
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Calculate the profit maximizing price and quantity of subscriptions for the U.K. and indicate each on the appropriate graph. Do the same for the U.S.
The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $49 and the price at point e is $24 per bag. The price at point f is $48 and the price at point g is $13 per bag.
Assume an airline flying on the New York - Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travelers.
Merchant banking refers to:Banking services that are only available to retail merchants.Banking services that are only available to business but not the general public.
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