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Consider a city that has a number of hot dog stand operating throughout the downtown area. Suppose that each vendor has a marginal cost of $1.50 per hot dog sold and no fixed cost. Suppose that the maximum number of hot dogs that any one vendor can sell is 50 per day If the price of a hot dog is $2.00, how many hot dogs does each vendor want to sell? Each vendor will want to sell___hot dogs. If the industry is perfectly competitive, will the price remain at $2.00 for a hot dog? If not, what will the price be? Assuming the industry is perfectly competitive, the price of a hot dog will________ a price of $______per hot dog If each vendor sells exactly 50 hot dogs a day and the demand for hot dogs from vendors in the city is Qd=4400-1200P How many vendors are there In long-run equilibrium, there will be _____Vendors Suppose the city decides to regulate hot dog vendors by issuing permits. If the city issues only 10 permits and if each vendor continues to sell 50 hot dogs a day, what price will a hot dog sell for? Hot dogs will sell for $_____each. Suppose the city decides to sell the permits. What is the highest price That a vendor would pay for a permit? A vendor would pay a maximum of $___for a permit
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?
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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:
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"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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