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Policy application . Assume that studies have demonstrated that your state is lagging in economic development because too few students go on to post-secondary education, whether technical or academic. Review the list of eight tools for responding to market failure and consider whether and how each is or could be used to address this problem.
In the country, Consumeria there are only three items purchased, chocolate bars, concert tickets, and compact disks. A standard market basket consists of the quantities shown. 2000 is the base year.
There is a single difference: we've changed the exponent on At in the production function of the output good so that there is now a diminishing marginal product to ideas in that sector. 1. Provide an economic interpretation for each equation.
When a mass of 25 kg is hung from the middle of a fixed straight aluminum wire, the wire sags to make an angle of 12i with the horizontal as shown in Fig. 9-77. Determine the radius of the wire.
The "Big-Deal" Company has purchased new furniture for their offices at a retail price of $100,000. An additional $20,000 has been charged for insurance, shipping, and handling. The company expects to use the furniture for 10 years (useful life = ..
Perfect competition usually excludes government, but does not have to. What assumptions are required to exclude government? Hint: reflect on the concepts of market failure, and the comparative productivity of private and state activities.
Suppose that an economy has the Phillips curve p = p-1 - 0.5(u - u^n), and that the natural rate of unemployment is given by an average of the past two years' unemployment: u^n = 0.5(u-1 + u-2).
Fred Smith owns a British Consul, a security which pays the equivalent of $1000 U.S. each year on September 15, forever. Fred has recently considered selling the security. The current interest rate is 10% a. What is the minimum sales price he must..
You toss independently a fair coin and you count the number of tosses until the first tail appears. If this number is n, you receive 2n dollars. What is the expected amount that you will receive? How much would you be willing to pay to play this g..
Suppose that velocity is constant and the economy's output of goods and services rises by 5 percent each year. What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant.
a) How many firms will operate in this market at a long-run equilibrium b) How would your answer change if each firm faced a price elasticity of demand of -4/3 and charged a profit maximizing price of $400 per unit
A firm in a purely competitive industry is currently producing 1000 units per day at a total cost of $450. If the firm produced 800 units per day at a total cost would be $300 and if it produced 500 units per day, its total cost would be $275. Wha..
Write an equation that summarizes the cost function for her operation, as well as equations that summarize the marginal, average variable, average fixed, and average total costs of selling fresh drinking water at the kiosk.
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