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A policy may yield a Pareto superior outcome so long as the gains to those who benefit are greater than the losses to those who are worse off.
If allocation A is Pareto efficient, then there is no alternative allocation that is Pareto superior to A.
If allocation C is Pareto efficient but allocation D is not, then C must be Pareto superior to D.
Hypothesize the basic short-run and long-run behaviors of the model in the industry you have chosen in a market economy. and analyze at least three (3) possible areas for the industry that could lead to transaction costs, and explain each in detail.
Assume total benefits and total costs are given through B(Y) = 100Y-8Y(squared) and C(Y)=10Y(squared). Determine the maximum level of net benefits?
Suppose that raw materials (input R) are fixed at 10 units. Determine the number of units of input L that maximizes the total product function.
"Oligopolies have a negative impact on income distribution." Do you agree or disagree? Provide justification for our response.
Using the production function shown above, compute real GDP for each case and capital is constant but labour is increasing. What property of the production function is displayed? Explain.
Michael makes a great point. Economists often note that there is no such thing as a free lunch
Describe an example you are familiar with in which a technological innovation led to an improvement in productivity. What was the effect on the cost of doing business or activity in which this technology was employed?
Assume the recent volcanic events in Iceland, which disrupted European air travel significantly, represented just starting. In other words, assume that experts forecast a world-wide series of big eruptions from active volcanoes.
Currently, what indictors are evident that there is too much or too little money within the economy? How is monetary policy aiming to adjust this?
LA Market p = 50 - Q The company estimates its total cost function to be: TC = 40Q. Calculate the following: a. quantity, total revenue and profit when the company maximizes its profit and charges the same price in both markets. b. quantity, total re..
ppose that the reserve requirement is 10 percent and the balance sheet of the People's National Bank looks like the accompanying example. A. What are the required reserves of People's National Bank Does thebank have anyexcess reserves B. What is th..
If Apple reduced its price for the shuffle, what do you think would happen to their profit? What impact would the price decrease have on their competitors? Explain by considering the elasticity of shuffles).
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