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Consider two firms: a yoga studio and a bar. The bar produces noise which reduces the price that the yoga studio can charge from its customers.
(a) Assume that the bar can sell an unlimited amount of drinks at the market price p and its marginal cost increase in the quantity of drinks. Assume further that the marginal damage to the yoga studio is a constant amount x per drink. Draw the demand curve of the bar, the marginal cost per drink, the marginal external cost, and the marginal social cost. Indicate in the graphic the quantity of drinks in the competitive market equilibrium and the welfare-maximizing quantity of drinks.
(b) Explain why the welfare-maximizing quantity of drinks is welfare-maximizing.
Elucidate the inelasticity of agricultural products in general then compare which to the elasticity of a single food item such as a filet minion.
Elucidate which of the subsequent statements is correct regarding the equilibrium cost also quantity of X.
In what industry will a given percentage increase in production workers result in the largest percentage increase in output.
Why is it often difficult to develop a realistic analysis?
A storm destroys half the fava bean crop. Is this event more likely to hurt fava bean farmers if the demand for fava beans is very elastic or very inelastic?
Contracting may not be preferable to vertical integration because of which of the following conditions: Complete contracting eliminates flexibility.
First suppose that there is no tax in the country Randland. A resident, Dagny, has an hourly wage of $50. How is it possible for Dagny to increase her hours worked after a tax? Graph the labor supply decision for Dagny on a daily income-leisure graph..
A successful man make a donation to his Sister for building a new store and upgrading shops, as well as for establishing a store fund. The donation is planned to be spent as follows: $200,000 each year for the first three years, $250,000 each year fo..
Consider two countries, the United States and India, producing two commodities, food and clothing. The United States needs one and a half hours of labor to produce a unit of food and one hour to produce a unit of clothing. Draw the production possibi..
Find out statistics on the web from 2004 to present on following indicators of the macroeconomic conditions of the U.S. economy.
Draw the complete consumption-leisure model. Be sure to label completely and correctly. Find the optimal consumption bundle.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
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