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1 Why might leaving provision of the arts entirely to the private sector lead to sub optimal resource allocation? Use a diagram to show how provision of a public subsidy to the arts might restore optimal allocation and explain why achieving this aim might be difficult in practice.
2 Should children's playgrounds be provided free of charge?
3 Should opera be subsidized?
A firm’s Marginal Revenue curve (in class we called this also Marginal Value) is given by w=1200-2L, where w stands for the wage and L for the quantity of labor. The labor supply curve is given as w=L.
Discuss and explain the efficient markets hypothesis. Does this mean that the hot stock tip I received from my friend "Lucky" Lomax is no good?
Explain the nature of the deadweight losses that occur from a tariff. What is countervailing duty, why is it needed, and how does it work. What is the difference between a specific tariff and an ad valorem tariff.
Conduct some research and apply what you have learned about cost analysis and production to hypothesize about why this might be
Which of the following statements about the financial and real sectors is true? If the financial sector causes more to flow into spending than is saved, most likely: Flows that do not enter the spending stream enter the financial sector in the form o..
How much more does the government have to spend to buy up the excess supply?
Refer to the above data. If the product price is $55 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.
What is the long-run equilibrium market price and quantity - what is the long-run number of firms in the industry? How much does each produce? What are their profits?
Suppose you have 10 indivduals with vales ($1, $2, $3, $4, $5, $6, $7, $8, $9, $10. . our marginal cost of production is $2.50. What is the profit-maximizing price?
5. A monopolist has a constant marginal and average cost of $10 and faces a demand curve of QD = 1000 - 10P. Marginal revenue is given by MR = 100 - 1/5Q. a. Calculate the monopolist's profit-maximizing quantity, price, and profit. b. Now suppose tha..
Home Country: Given that the total market of the Home country is 900,000 units. Given the equations and parameter values above, solve for the equilibrium number of automobile companies, the number of cars each firm will produce, and the price of the ..
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