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In class, we covered the concepts of producers' and consumers' surplus.
a. With respect to different government policies, explain how changes in producers' and consumers' surplus may be used to assess the aggregate welfare implications of such policies. You may use a specific policy for illustrative purposes. Please use a diagram in support of your answer.
b. With respect to part (a), explain what is meant by deadweight loss. What gives rise to deadweight loss?
c. With respect to (a), explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
Assume that a monopolist sells a product with a total cost function TC=1200 + 0.5Q2 and a corresponding marginal cost function MC = Q. The market demand curve is given by the equation P = 300-Q. a. Find the profit- maximizing output and price for thi..
news analysis. analyze a news from a global newspaper financial times newsweek or a similar one delivering a report
if the inverse demand curve is p 120 - q and the marginal cost is constant at 10 how does charging the monopoly
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..
Assume that product Alpha and product Beta are both priced at $1 per unit and that Ellie has $20 to spend on them. She currently buys 8 units of Alpha and 12 units of Beta. The marginal utility of Alpha is 40, and the marginal utility of Beta is 2..
Compute the expected market price. Show calculations please. How many units should you produce to maximize expected profits? What is your expected profit or loss? Again, show work.
A huge number of successful businesses' such as Apple, The Cheesecake Factory, and E-Bay, were built around the personal passions of their founders. Consider your own personal passions. What do you love to do What are you great at doing
Two automatic systems for dispensing maps are being compared by the state highway department. The accompanying breakeven chart of the comparison of these systems (System I vs. System II) shows total yearly costs for the number of maps dispensed pe..
In Tobin s analysis of the speculative demand for money, people will hold both money and bonds, even if bonds are expected to earn a positive return. Is this statement true, false, or uncertain? Explain your answer.
Explain why it is or is not possible to calculate the elasticity of demand for alcohol consumption for the state situation?
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue so $10, average total cost of $8 and fixed cost of $200. what is the profit.
The California Instruments Corporation, a producer of electronic equipment, makes pocket calculators in a plant that is run autonomously. The plant has a capacity output of 200,000 calculators per year, and the plant's manager regards 75 percent o..
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