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The theory of market failure prescribes government intervention in the form of a tax on producers when negative production externalities are present in a competitive output market. But the government failure paradigm suggests that the resultant tax may nevertheless be sub-optimal. With the aid of a diagram showing a negative production externality (i.e. where MSC > MPC (Supply) = MSB =MPB (Demand), show how government intervention in the form of a tax on producers can make the post-policy outcomes even worse than the pre-policy position and explain the underlying economic logic of this proposition.
Professional football teams sometimes charter airplanes to take them to their away games. Would you feel safer on a United Air Lines plane that had been chartered by the Washington Redskins than on a regularly scheduled United Air Lines flight
If the marginal cost curve lies above the average cost curve, then the average cost curve must be sloping upward and the short-run cost function is always greater than the long-run cost function
1.Flank defense: protecting a weak flack by erecting outposts 2.Contraction defense: giving up weaker territories and reassigning resources to stringer territories. what's the diffrence between Flank defense and Contraction defense?
Evaluate the Clean Air Act and determine if it has been effective from an economic standpoint. Explain your reasoning. Based on your evaluation of the Clean Air Act and additional efforts to address pollution, make policy recommendations that woul..
Although most of the changes would not take place until later, assume for the purpose of this problem that Social Security benefits were cut today by $100billion per year. explain what the long-run effects would be on real GDP
Assume $92,500 is an accurate estimate of the annual savings that will result from this investment, but it is not clear how long the machine will be used. Assuming that the salvage value decrease linearly from $500,000 to $50,000 over a 10-year in..
Demand for a managerial economics text is given by Q=20,000-300P. The book is initially priced at $30.00. Write the demand equation for which the price elasticity of demand is zero for all prices.
Give one business example for increasing returns to scale and decreasing returns to scale respectively. How does this characteristic affect its business strategies? Justify your arguments.
If banks desire to increase their lending, but the Federal Reserve is not adding reserves to the banking system, what will happen to the level of short term interest rates? Explain your answer carefully.
Let px be the price of good X and py be the price of good Y. Assume the income of this individual is strictly larger than 10px Derive the demand for good X and the demand for good Y as functions of the two prices and income.
Explain the assumptions behind the model of perfect competition and explain the sources of the recent housing price "bubble"? Provide a chart if needed?
Let the demand curve for a good be given by P=60-Q. Also, suppose that the marginal and average cost of producing the good is MC=AC=20. For this demand curve, MR=60-2Q. Find the competitive and monopoly quantities and price.
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