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In a ten-hunter village, Hunter 10 loses her arrow at the end of Week 0. From the beginning of Week 1 she permanently switches to arrow-making, and makes one arrow per week. The hunters from a nearby village, where deer kills per capita are much higher, have offered one of their deer for Week 1 - in exchange for a promise to give one deer from our village's hunt of Week 3. Assume that each arrow kills exactly one deer, no matter how many arrows the hunter has (constant marginal productivity of capital). In other words a hunter with 3 arrows will kill 3 deer, with 4 arrows 4 deer, etc. What is the path of consumption over time in this village - i.e. what is consumption in Week 0, Week 1, Week 2, etc. - if they refuse the offer? How does it compare to the path if they accept it?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
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Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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