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Question 1: Reasons for government intervention The imposition of congestion charges on motorists is a form of government intervention intothe issue of traffic congestion on busy public roads. With reference to economic theorycovered in this course, why do you think the government needs to intervene in this issue?
Question 2: Public policy solutions (a) Perform an economic analysis of congestion charges as a public policy instrument. (Inyour answer, consider: what sort of public policy instrument is a congestion charge?How does it work in economic terms?) (b) What other public policy instruments can the government employ to combat trafficcongestion on busy public roads, and how do these differ from congestion charges?
Question 3: Efficiency of public policy solutions (a) Based on your analysis in Question 2 (a) above, how should congestion charges be setin order for congestion problems to be corrected in a way that maximises the overallwelfare of society? Explain. (b) Do you think that the government will be successful in employing congestion charges tocorrect congestion problems and restore efficiency? Why or why not?
Question 4: Private solutionsHow can each of us as private individuals contribute to the reduction of traffic congestion inthe absence of government intervention? Are such private solutions likely to be effective?
Do you agree with this statement? Could you make an argument that these markets are not competitive?
Is it possible for the short-run run market supply curve to show that quantity supplied increases only if price increases and for the long-run market supply curve to indicate that market price does not increase as quantity supplied increases? Why or ..
Can these equations be reliably estimated using OLS? Explain. Solve for the reduced-form equations of this model.
A revolutionary new computer chip will be brought to the market in 6 months that will decrease the price of computers by 50%. Draw a graph and explain.
Suppose you are the marketing manager for Fruit of the Loom. An individual's inverse demand for Fruit of the Loom women's underwear is estimated to be P = 25 − 3Q (in cents). If the cost to Fruit of the Loom to produce an item of women's underwear is..
Use this information to predict the annual number of VCRs sold if increasing competition from Asia causes VCR prices to fall by 10% with income and the price of DVDs is unchanged. 4.35 million 5.65 million 5.85 million 4.58 millio..
Define and identify the market for each of the following products in terms of (1) market scope (local, regional, national, international( state your reasons why you classify them as local, regional, national or global in scope),
Illustrate what percentage does equilibrium cost level differ from its initial value if output increases to Y = 106 (and r remains at 0.10).
Illustrate what is maximum amount you would pay for offer of $2,000. Suppose offer was $2,000, but delivery was to be in 2 years instead of 1 year. Illustrate what is maximum amount you would be willing to pay.
Discuss the differences between unemployment and underemployment and give examples of each. Which do you think is a more serious “problem” for the economy? How might underemployment be addressed through government policy?
Apple has chosen to have the components for the iPhone manufactured by more than 30 companies around the world, as opposed to producing everything itself. Address the three basic economic questions: How does this choice determine what, how, and for w..
In the Leadership Grid, employees preferred which of the following styles? A. Country club management B. Middle-of-the-road management End of exam C. Authority-compliance management D. Team management
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