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Suppose the government does not know the level of the marginal damages, but that the neighbors themselves can effectively petition the government to impose a Pigouvian tax of any size after a failed negotiation. What will the set of outcomes of these negotiations include? Lets say the government wanted to implement the efficient quantity but with this feedback mechanism, how might the government implement a reporting scheme (with possible fines on both sides) to insure an efficient outcome if the original model does not. What if the government has access to a costly auditing technology?
Suppose the government imposes a price ceiling of $50 on a market characterized by the following information: Calculate the magnitude of deadweight loss from the price ceiling. Find a price floor that will result in the same magnitude of deadweight l..
Due to limited borrowing options, the government may ask the central bank to print money. We also learned that the real seinorage revenue of the government depends on inflation and real money holding of the public, that is R= \prodM/P?. Explain the c..
Originally when he could work as many hours as he wanted at a wage w, Roy chose to work seven hours a day. The employer now offers him w for the first 8 hours in a day and an over-time wage of 1.5w for every hour he works beyond a minimum of 8 hours...
Describe the Harrod-Domar growth model, and explain precisely how the model illustrates dynamic instability. Why is it often called the knife’s edge model? Another question lurks behind nearly all discussions of macroeconomic policy: Why should we be..
Among which of the following U.S. policies and institutions may negatively influence U.S. long-run economic growth.
Americans already enjoy living standards that far exceed world averages. How is the US able to produce so much with only 5% of the worlds arable land and 12% of the population? Describe at least three factors that impact US productivity. Economics
Distant Shores has two natural gas wells. One owned by Dick and the other owned by Harry. Each well has a valve that controls the rate of flow of gas. The marginal cost of producing gas is $12 a unit. The table gives the demand schedule for Gas on th..
Assume an economy with a total population equal to 1. Individuals can only be employed or unemployed. Suppose this economy's steady-state unemployment rate is 5%. We know that workers can lose their jobs and become unemployed with probability 4%. Wha..
A firm using two inputs (call them “capital” and “labor”) has an efficient combination of capital and labor levels when:
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
In the fall of 2002 the Fed voted to decrease the federal funds rate target on several different occasions, reducing it from 3% to 1.75%. What action in the "open market" would the Fed's trader have had to take, other things equal, in order to induce..
Monopolistic competition is similar to perfect competition in that:
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