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1. Explain the possible problems for consumers of each of the following ways of dealing with a natural monopoly:
a. Splitting the natural monopoly into several smaller competing firms.
b. Requiring that the company charge a price equal to where the marginal cost curve crosses the market demand curve, to that P = MC like a competitive firm.
c. Setting the price that the firm can charge so that the firm covers its average costs and also makes a normal (but only a normal!) rate of profit.
2. Who is more likely to be well represented at a meeting where government regulators come together to determine the price and quantity that an industry will charge: voices representing the industry or voices representing consumers? Why? What problem does this pose?
3. Why do most economists argue that the money raised by selling off state-owned firms is not an especially good argument for selling them? What is a respectable economic motive for the selling of state-owned firms?
Which of the following is probably the best example of a sunk cost? If average total cost is equal to marginal cost. Joseph can initially produce 10 pizzas or 5 cakes. After some training from a pizza-making expert, his opportunity cost of making (a)..
Jim’s utility function is U(x, y) = xy. Jerry’s utility function is U(x, y) = 1,000xy - 2,000. Tammy’s utility function is U(x, y) = xy(1 - xy). Oral’s utility function is U(x, y) = -1/(10 + 2xy). Marjoe’s utility function is U(x, y) = x(y + 1,000). ..
The town you live in is considering an excise tax on soda. It has been estimated the price elasticity of demand is 1.24. You have a friend that believes that tax will just be pushed on to consumers and it is a tax grab by the local government. Explai..
q1. one proposal to slow the growth in consumption of fossil fuels is the imposition of higher taxes. how would that
In general terms, efficiency refers to:
Regarding combined returns on a merger, what does the efficiency theory state, and what do empirical studies suggest? Regarding the same issue, what does the entrenchment theory state, and what do empirical studies suggest?
q. 1. the article states starting about 1950 the relative returns for schooling rose and they skyrocketed after 1980.
"Loans are just like used cars. If you see an ad in the paper for a used car, you have to wonder, why is the owner selling it? Maybe there is something wrong with the care that is hard to see. As a result, when you approach the seller, you will want ..
Which of the following statements concerning the variables in a regression analysis is true?
Outline a micro-economic reform issue that is relevant to the Australian economy (i.e. why has there been reform in this industry or market? How successful do you think these reform measures were and say why referring to some data or research that ha..
Illustrate what do you think are the defining characters of a science. does the study of the economy have these characteristics.
A decrease in the investment rate: Suppose a country enacts a tax policy that discourages investment, and the policy reduces the investment rate immediately and permanently from s to s'. Draw a graph showing how output evolves over time (put Y_t on t..
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