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1. Suppose we are looking at a supply and demand defined market for a hypothetical good called widgets. We observe that, because of falling consumer incomes, the demand for widgets increases. We also observe that, because of a reduction in the price of a resource used to make widgets the supply of widgets increase. a. Using a graphical depiction of a supply and demand model show the movement from one equilibrium to another equilibrium. b. Describe the changes in price and quantity moving from one equilibrium to another. Be sure to identify what increases, what decreases, or what may do either. 2. There are 4 types of externalities considered by economists. Positive consumption externalities, negative consumption externalities, positive production externalities, and negative production externalities. a. Construct an example of a positive production externality with evidence that it is from the real world. Evidence would include a URL or other such citation. Depict the relevant market in a supply and demand model. Show exactly what the market outcome is relative to the market outcome. Identify a policy that a government could reasonably enact to solve this instance of market failure. Show the effects of the policy in a second supply and demand graph. b. Construct an example of a negative consumption externality with evidence that it is from the real world. Evidence would include a URL or other such citation. Depict the relevant market in a supply and demand model. Show exactly what the market outcome is relative to the market outcome. Identify a policy that a government could reasonably enact to solve this instance of market failure. Show the effects of the policy in a second supply and demand graph. 3. This question relates to google, the favorite search engine of many. a. Does Google have market power? Fully explain. b. Has Google been accused of exploiting its market power? Please document at least one way in which a credible claim has been made against Google for behaving in an anti-competitive way in its market environment. I would prefer that you find two, but one would be plenty.
Governmental sources (public programs) and private payers are just a few examples regarding sources of health care revenue. Medicare, Medicaid, and managed-care programs are some types of payers that make up the revenue source for health care orga..
A machining process produces specialty metal parts used in aircraft. A particular part is designed to be 62 cm in length. The machine is set to cut at 62 cm but the process is stochastic with a mean length of 62 cm and a standard deviation of 0...
The population proportion of economists predicting growth of at least 2.5% in real gross domestic product. The variance of the sample proportion of economists predicting growth of at least 2.5% in real gross domestic product.
"Monopolistic competition is monopolistic up to the point at which consumers become willing to purchase close-substitute items and competitive beyond that point." Describe
Characterize this as an example of a positive or a negative externality and the efficient level of a negative externality is always a positive amount.
Assuming other things equal and capital and labor are fixed in quantity and using our aggregate production function and factor market diagrams, illustrate what happens to output, the real retal rate on capital, and the real wage of labor following..
Ann McCutcheon is hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. What price should managers charge in each market?
Allied company machines produces the output that it sells in the highly competitive market at the price of $100 per unit. Its inputs include two machines (which cost the firm $50 each) and workers
a. why might fire extinguishers exhibit positive externalities b. draw a graph of the market for fire extinguishers, labeling the demand cruve, the social-value curve, the supply curve, and the social cost curve.
What are some expected domestic economic consequences of thecurrency crisis for the countries involved Focus on: import prices of goods and services into the Asiancountry. export prices of goods and services from the Asiancountry.
Explain why it is important to uncover causal relationships for policy analysis. Also explain the causal methods of regression, difference-in-difference and random assignment
If you had a business exporting goods to Britain, and U.S. inflation fell as discussed above in this example, would you plan to expand production or cut back? Why?
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