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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.
Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year? Using this information, compute the own-price elasticity of your demand.
A television station is planning the sale of promotional DVDs. It can have DVDs manufactured by one of two suppliers. Supplier A will charge the station a set-up fees of $1,200 plus $2 for each DVD.
Recognize similarities and differences among common goods, public goods, private goods, and natural monopolies.
Describe the issues, challenges, or disadvantages to forming the strategic alliance (focus on supply chain). Provide an example that is not included in attached reference.
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
Compute the profit maximization level of activity. Compute total revenue, total cot and profit or loss at profit maximization level of activity. Compute elasticity of demand at profit maximization. Compute the breakeven level of activity.
Explain what happens to the primary deficit in year t if the nominal interest rate in year t increases to 17%.
Select 5-innovations associated with Industrial Revolution and five innovations from Technological Revolution. For each innovation, recognize the effects it had on individuals, societies, businesses, and politics.
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
Company M and N compete for market and decide independently how much to advertise. Every one can expend either $10 million or $20 million on advertising.
What happens in the market for oranges if there is a hurricane that destroys the orange crop and explain why is strategic interdependence important for market structure of oligopolies?
There is the firm that has pricing control of its output and is capable to identify its consumers in two groups. The total quantity demanded for its output is the summation of quantity demanded by the two groups,
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