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Explain the following scenarios:
(a) A residential neighborhood is covered with uncontrolled weeds and garbage. If John invests in controlling weeds and trash that tend to accumulate in his yard, both he and his neighbors benefit from his action. Is an externality associated with his private decision? If so, explain its effect, and determine whether the optimum level of weed control occurs when the individual invests in weed control.
(b) Which of the following is either a public or private good? Justify your answer.
(i) Telephone service.
(ii) Broadcast TV (e,g, TV 1)
(iii) Zoo negara
The general demand function for a good, Good A, is: Is Good A a normal good or an inferior good? How do we know exactly?
consider the following model of the economyc 50 0.60 y - ti 380g 400t 0.20yy c i ga. what is the value of the
1. Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices.
Identification Problem in the development of a demand function is a result - The method which can give some information in estimating demand of a product that hasn't yet come to market - One commonly used test in checking for the presence of autocorr..
If the Fed shifts to a more restrictive monetary policy, and it utilizes the open market operations tool, describe what will happen to each of the following.
While visitng family in Mexico, your professor has a budget of $287 ($ = pesos) that he spends on tacos and tequila. The price of tacos if $6 and a shot.
Why does GDP accounting only include the final value of goods and services produced? What would be the problem if intermediate products were included?
Can you give an example of a company that price discriminates by charging different customers different prices for the same product?
Last year the US low-cost-carrier Spirit Airlines entered the Dallas-Chicago market. The average ticket price for all airlines servicing the route fell from $200 to $180. After Spirit's entry, the number of passengers increased from 700 to 800 pe..
Economics 208 Explain how arbitrage ensures that exchange rates equalize across foreign exchange markets and What is the response of the exchange rate if PPP holds in the long run?
Explain exactly what it means to maintain an ethical culture within the organization. Analyze the role that culture plays in global business ethics.
how consumer demand would change and how the event would affect production costs and the business cycle - free-trade agreement between the United States
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