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If the government wanted to encourage a monopoly to produce the socially efficient quantity, should it use a per-unit tax or a per-unit subsidy? Explain how this tax or subsidy would achieve the socially efficient level of output. Among the various interested parties-the monopoly firm, the monopoly's consumers, and other taxpayers-who would support the policy and who would oppose it?
Find an expression for average costs (AC) and average variable costs (AVC). Graph them together with marginal costs and find the firm's short run supply curve. Is the whole curve relevant to the long run?
Assume the Fed decides to buy $1 billion in Treasury bonds from the public. Suppose that the reserve requirement is 10%. What takes place to the interest rate and money supply?
Suppose that due to a new government study, consumer preferences for chicken suddenly increase. In the model of consumer theory, this would be represented by, During the 1990s, some countries lifted price ceiling on eggs.
Describe benefit and cost externalities. List the reasons for lack of optimal allocation of resources in each case. Explain the need for government intervention in case of market failure due to externalities. Explain why government intervention may n..
Determine which system, socialist or capitalist, feudalism or mercantilism, works better? Explain your reasoning? Also, which type of business gives the owner highest protection or the most incentive to succeed?
Calculate the magnitude of the consumer surplus and producer surplus in the pre-tax equilibrium and calculate the tax revenue in the post-tax equilibrium
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
Write down some similarities and differences between monopolies and oligopolies. How would you classify Microsoft? How would you classify the power industry in your area?
Draw en Edgeworth box and illustrate. Initial endowement allocation, an indifferens curve for each consumer and the contract curve.
If there is a constitutional requirement to maintain a balanced budget, then during a recession when tax revenues are shrinking, the government will have to implement
Which of the following is a characteristic of both monopolistic competition and perfect competition?
Why is the demand for water price-inelastic and in those regions where outdoor use of water makes up relatively large portion of total use, the price elasticity is high. Why?
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